Cell C, which recently rejected a takeover bid from Telkom, has defaulted on almost R3bn debt, sending shares of its largest shareholder, Blue Label Telecoms plunging more than 13% on Tuesday. 

The failure to pay interest payment on its $184m (R274bn) bond interest pay, as well as loans and interest to lenders, including Nedbank and the Development Bank of Southern Africa, will likely pile pressure on the board to speed up efforts to shore up the company's finances and improve its liquidity.   

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