BREAKING: Etisalat Nigeria Loan Restructuring Talks Fail
Etisalat Nigeria’s troubles are far from over.
The company may be forced to hand over its business to the banks it is owing.
On Tuesday, the parent company of Etisalat Nigeria was instructed to transfer its 45% stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with the banks failed.
By that decision, the parent company, Etisalat in Abu Dhabi, United Arab Emirate is pulling its majority ownership stake in Etisalat Nigeria.
Etisalat Nigeria had been in talks to restructure a $1.2 billion loan after missing repayments.
Syndicate of lending banks of Emerging Markets Telecommunication Services Limited, EMTS doing business as Etisalat Nigeria, exercised their enforcement rights and initiated the share transfer.
Etisalat Nigeria received default and security enforcement notice on Tuesday, requiring them to transfer its 100% shares in unit to United Capital Trustees LTD.
Deadline for EMTS BV to transfer its 100% shares in Nigerian unit to United Capital Trustees LTD is June 23 2017.