We’re discussing with banks over loan obligation – Etisalat



Etisalat Nigeria said on Monday it was discussing with banks over its payment obligations regarding $1bn loan facility.

The company said that it had not got a formal communication from the banks on the proposal to convert part of the over $1bn loan facility into five per cent equity in the company.

The telecom service provider said, “Whilst we are aware of recent news reports stating that the offer has been rejected by the banks, we cannot confirm this as true as no formal communication has been received from the banks regarding the proposal.

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“Etisalat has so far held robust discussions with the lenders in good faith, and we hope that all areas of discord will be resolved in due course. Indeed, the current economic challenges have occasioned untold hardship on the telecom industry as a whole, thus requiring a major shift in position by all affected parties.

“We continue to explore all available options to pull through this phase,” the company said.

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