Blue Label confident it can recap Cell C

JOHANNESBURG – Blue Label Telecom said on Thursday that it was confident that the recapitalisation of beleaguered Cell C would be completed by the end of the year as it reported higher annual electricity revenue following a spike in demand during the national lockdown.

The share price rose 11.83 percent to close at R3.12 on the JSE on Thursday.

Speaking during a financial results presentation yesterday for the year ended March, joint chief executive Brett Levy said that the recapitalisation was very complicated and taking longer than expected.

“We have dealt with two Chinese banks, two Chinese vendors, American bondholders, Lebanese banks, Lebanese bondholders and South African banks.

“To get everyone around the table and to get everyone to agree on the final umbrella agreement has proven to be a lot more difficult than we had envisaged and has taken a lot more time,” Levy said, adding that the company had made huge inroads in the last four months.

Source: iol.co.za