S.Africa’s Blue Label Telecoms seals Cell C restructuring deal

JOHANNESBURG: South Africa’s Blue Label Telecoms Ltd said on Thursday it had concluded an agreement to restructure and refinance mobile operator Cell C’s 7.3 billion rand ($411 million) debt to bolster its finances and liquidity.

The agreement with Cell C’s shareholders and lenders is a final and critical step in the mobile operator’s turnaround plan which included deleveraging its balance sheet and providing liquidity to operate.

Shares in Blue Label, which bought a 45% stake in Cell in 2017, were up 5.6% to 6.60 rand by 0744 GMT on the announcement.