Bulgarian former monopoly telco Vivacom has increased the download speeds and doubled the monthly bandwidth allowance for its satellite-based internet services. The peak download speed available via satellite has been upped to 18Mbps, while packages now offer up to 50GB of bandwidth each month. Prices for satellite internet connections start at BGN39 (USD25.75) per month, with coverage available across the whole of the country. The service is aimed at parts of the population without access to traditional wired broadband such as ADSL or high speed wireless alternatives.
Vivacom, previously known as Bulgarian Telecommunications Company (BTC), was recently taken over by domestic financial institution Corporate Commercial Bank (CCBank) and Russia’s VTB Capital (part of VTB Bank). Under the deal, CCBank and VTB have taken a 73% stake in return for paying EUR130 million (USD168 million) in cash to the senior lenders, which agreed to write down their debt claims by around EUR1 billion in return for a 21% stake, leaving Vivacom with EUR588 million in restated debt. The 6% remainder remains in free float on the Bulgarian stock exchange.