East-West Digital News 29 October 2012
Last week, the European Commission approved the acquisition of the Bulgarian telecom company Vivacom, formerly known as BTC, by a Russo-Bulgarian consortium of investors.
According to a report by Novinite, a Sofia-based news agency, the new owners – Russia’s VTB Capital and Bulgaria’s Corporate Commercial Bank (CCB) – will jointly hold a 73% stake in Vivacom, and the Bulgarian company’s creditors have pledged to write off 1 billion euros of the troubled firm’s €1.7 billion total debt in exchange for a minority stake.
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