Smile announces approval of restructure plan




Telecoms Holding announced on March 30th 2021 that its  Plan had been approved by the English courts and agreed amongst its Lenders, a new  tool recently made available in the UK which helps facilitate the injection of new money by way of a debt .

A close source to the transaction affirmed that  is the first non-European company to achieve such feat.

According to a very reliable source the plan that also regulates how the new funds will be injected should have closed on March 19th. This did not happen on that date , as Public Investment Corporation (PIC), the pension fund for South African ( a shareholder and Lender) elected not to support the Plan and put the interest of the , other 5 Lenders and other shareholders at risk and was after the negative publicity that some media circulated thinking wrongly it was the end road for .

The Shareholders of Smile and namely Alnahal the major shareholder mitigated this risk and did the necessary to get the Plan approved on March 30,2021.

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