Denis O’Brien’s Digicel in €1.5bn debt write-off plan

Denis O’Brien’s Digicel mobile communications company is targeting a near $2bn (€1.8bn) reduction in its huge $7bn debt mountain through a restructuring deal with its lenders.

Ultimately, the company is asking creditors to exchange their debt for discounted, or lower value, bonds. Such a deal would see $1.7bn of Digicel’s debt effectively written off, bringing its debt pile down to $5.3bn.