Blue Label one step closer to completing Cell C recapitalisation
Blue Label has concluded an umbrella restructure term sheet that will see the mobile operator being restructured and refinanced
Shares in Blue Label Telecoms plunged in late afternoon trade on Tuesday as the prepaid specialist said it had concluded a complex set of agreements with funders and shareholders worth more than R7bn, bringing it one step closer to completing the long-awaited recapitalisation of mobile operator Cell C.
Blue Label, which specialises in selling prepaid airtime, electricity and ticketing, is recapitalising SA’s fourth cellular phone provider, which has struggled to make profits since it opened its doors in 2001 and is laden with long-term debt of R8.7bn. ..