Blue Label yesterday notified its shareholders that troubled Cell C had defaulted on its loans.
The JSE-listed telecoms group, which holds 45percent of Cell C, said the country’s third-largest mobile telecoms provider had failed to make payments of capital on its $184million note, which was due on Sunday, and interest and capital repayments related to the respective bilateral loan facilities between Cell C and Nedbank, the China Development Bank Corporation, the Development Bank of Southern Africa and the Industrial and Commercial Bank of China, which were due in January and last month.
“Cell C continues to work pro-actively with all stakeholders to improve its liquidity, debt profile and long-term competitiveness as part of its turnaround strategy,” the company said. “While a new recapitalisation is being negotiated, there is an informal debt standstill and debt payments have been suspended,” said the company.
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