Optima restructuring options emerge

4 Apr 2013

Creditors of financially struggling Croatian alternative telco Optima Telekom are being given the option to take stakes in the company to wipe out debt in a restructuring plan, reports local newspaper Poslovni Dnevnik. Optima has entered a pre-bankruptcy process with overdue debts of HRK1.1 billion (USD185 million), and may offer suppliers and other creditors options to convert HRK490 million into equity, in the process writing off around HRK69 million in interest and fees, and reducing total debt to HRK530 million. The proposed plan would result in Zagrebacka Banka holding the largest single stake in Optima with 38.7% while incumbent telco T-Hrvatski Telekom (T-HT) would be the second largest equity shareholder (6.8%). Optima’s proposal also contains a plan for an additional EUR292 million (USD374 million) capital investment, plus a commitment to reduce outstanding debt to HRK330 million by 2017.

Croatia, Hrvatski Telekom (HT), Optima Telekom (incl. H1 Telekom)