Denis O'Brien looks set to lose majority control over Digicel telecoms giant he founded

Pressure had been building on Digicel’s finances for some time as the company faced a countdown to a deadline of refinancing a large chunk of its debt with bondholders by a deadline of March 1.

The company had previously agreed to sell its operations in the Pacific which Mr O’Brien had built up over many years from its Jamaica and Haiti bases. Photo: Leah Farrell/RollingNews.ie

Denis O’Brien is on course to lose majority control over Digicel after the Caribbean telecoms firm he founded over two decades ago was forced to strike a “comprehensive” $1.8bn (€1.7bn) deal to reduce its huge debt burden.

Global interest rate rises have put unprecedented pressure on indebted companies like Mr O’Brien’s. But Digicel was also struggling for some time with the huge civil unrest that has enveloped its significant telecoms market in Haiti, and the debt deal agreed in principle with a significant number of holders of its bond debt has been much wider than many anticipated.