Forthnet has ambitious plans after offloading debt
Forthnet is aiming to become the fourth player in the Greek telecommunications market after the completion on Tuesday of the transaction that saw its debts to creditors change hands.
United Group, a subsidiary of European private investment fund BC Partners, has acquired the debts, which are worth 281 million euros, to National Bank, Alpha Bank, Piraeus Bank and Attica Bank.
The arrears will be gradually repaid through their securitization and the use of additional capital.
BC Partners chief executive officer Nikos Stathopoulos told Kathimerini that the new funds will allow Forthnet to develop its existing subscription TV (Nova) and internet services, as well as entering the cellphone market.