Gratel, one of the biggest creditors of T-2, which is owed some EUR 72m for building T-2's fibre optic network, injected EUR 300,000 into the telco as part of recapitalisation carried out under a debt restructuring plan.
The switch in ownership comes as Zvon Ena, the financial holding which had a 95% stake in the telco until now, failed to participate in the capital injection as it is facing massive debts of its own.
This allowed the debtors to take control, with Gratel acquiring an 87% share and Lokainvest becoming the second-largest owner with 12%, a report by court-appointed administrator Milena Sisinger shows.
The capital injection will become effective when the board of creditors gives the final go-ahead to debt restructuring of T-2. A vote on this is expected to take place in two weeks, Tuesday's daily Delo writes.
Under an amended plan of debt restructuring, creditors of T-2 would be repaid 44% of their debts totalling around EUR 180m by 2020. The creditors were initially offered 34.6% by 2018, but turned down the offer.
Zvon Ena has already filed a lawsuit challenging the capital injection in a desperate attempt to keep its biggest asset.
If it fails with the lawsuit, analysts expect that it will have to file for bankruptcy along with its owner, Maribor Archdiocese-held company Gospodarstvo rast. This would mean that the Archdiocese will lose most of the assets which it staked as collateral.
T-2 was founded in 2004 and offers IP and mobile telephony, TV and broadband internet services.
SOURCE: The Slovenia Times
