Deloitte called into Wind Hellas as advisers
Restructuring experts at Deloitte have been called in to advise creditors at Wind Hellas which was sold in a pre-pack just seven months ago
Deloitte experts have been brought in to advise communication company Wind
Hellas on a restructuring, months after it was sold in a pre-packaged
administration.
Wind Hellas, the Greek UK-based mobile phone business, became the largest
company to enter a pre-packaged administration when it was sold back to current
owners and now parent company Weather Investments last year.
A pre-pack involves the sale of a business being arranged before the company
enters formal administration.
A statement by Weather Investments said: “Discussions have been initiated
regarding the situation with Weather and certain of our creditor groups, either
directly or indirectly through their advisers.
Deloitte have been brought into to advise creditors, led by investment bank
JP Morgan, over its €1.7bn (£1.40bn) debt, the Independent reported.
It is reported that around €55m debt payments are due from Wind Hellas next
week.
The business has been hard hit by the economic deterioration in Greece.
Further reading:
KPMG
administrators sell Fords Bakery
Insolvency
forum challenges pre-pack transparency
Deloitte
admits 32 partners into the firm