Nov
28
Written by:
Editor
11/28/2008 10:16 AM
Nordic CDMA450 network operator, Nordisk Mobiltelefon (Ice) has filed for financial protection while it restructures its operations in Norway and Sweden. The move does affect its other networks in Poland or Denmark.The company says that the purpose of the reconstruction processes is to secure agreements with existing creditors regarding outstanding debt and to recapitalize the group through an equity issue. In addition, the operating companies will implement cost reduction plans to enhance productivity and take best advantage of the established 3G networks.
In a statement, the company added: Following the escalating financial turbulence during the autumn, which has made it increasingly difficult to raise new capital with the current debt level; the Company concluded that its interests and the interests of its creditors, customers, business partners and shareholders will be best served by initiating formal restructuring processes in the two major operating subsidiaries. The Company regrets any adverse impact this process may have, but after careful evaluation of all potential alternatives the board of the Company and respective board of the operating subsidiaries are convinced that the restructuring process will give the best opportunity to secure the Company's finances and position the Company for future sustainable success.
Tags: