January 19, 2011
BERLIN -- The Tele Columbus Group, one of the leading German cable network operators, has successfully completed the financial restructuring process initiated in 2010. With expanded capital resources, the business is now better positioned in the competitive cable and telecommunication market. During the course of the restructuring agreement with lenders, debts were reduced by over 400 million euros. At the same time, the company gained circa 35 million euros of new equity capital. With the completion of the financial restructuring, the shares of the Tele Columbus Group have been acquired by Tele Columbus Management S. à r. l., which is managed by the capital providers. The company will continue its growth strategy and during the next three years, nearly 200 million euros will be invested to develop network infrastructures.
The sound capital structure achieved through the financial restructuring brings increased economic stability to the company, and it ensures that the Tele Columbus Group has the resources necessary for extensive investment and a strong competitive position for years to come. "The restructuring agreement documents the great belief our lenders have in Tele Columbus, the cable market and our business model," said Dietmar Schickel, Chief Operating Officer of the Tele Columbus Group. "We will use this basis to develop our business together with the new shareholders and in continued cooperation with our partners in the housing industry."
Tele Columbus AG
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