August 31, 2017 |
ColTel shareholders have agreed to a €1.37bn ($1.63bn) capital injection in a bid to strengthen the financial position of Telefonica's Colombian subsidiary, it said in a statement.
Parent Telefonica, said it would inject €925m into the Colombian unit and will use the proceeds to pay debt to PARAPAT, the consortium that owns telecoms assets.
Once such debt is paid, PARAPAT will return rights, property and telecoms assets to ColTel, the statement from Telefonica showed.
The parent, along wit
Spanish parent Telefonica agrees to a give its Colombian subsidiary a $1.6bn injection, which includes certain debt payments