NEW YORK, Oct. 21 /PRNewswire/ -- Tricom, S.A., the Dominican Telecommunications company, proudly announced today the conclusion of its Financial Restructuring process.
The financial plan was approved by 99.95% of creditors that cast their vote and ratified today, October 21st, 2009, by the Honorable Judge Stuart M. Bernstein of the US Bankruptcy Court for the Southern District of New York.
With the ratification of the plan, and after the conclusion of the implementation phase in the Dominican Republic, which includes, among other actions, INDOTEL's (Instituto Dominicano de Las Telecomunicaciones) approval of the plan, the former creditors will become the new shareholders of the company, changing their debt for shares, and substantially eliminating all non-secured debts, which totaled over US$500 million.
"This invaluable vote of confidence in the future of our company, due to our excellent performance over the last four years, is something never seen before in our country," said Mr. Hector Castro Noboa, Tricom's CEO.
Mr. Castro Noboa continued, "During the years in which the restructuring process took place, Tricom has invested over US$160 million, and today marks the beginning of a new stage which will allow us to fulfill our long-term investment plans. We will ensure Tricom is at the head of the competitive pack and poised to develop a new technological infrastructure.
"We greatly thank our customers, both residential and corporate, as well as the passion and commitment of our employees, for the confidence placed in our company during this process," said Mr. Castro Noboa.
About Tricom
Tricom was founded in 1988, being the leader in the process of telecommunications in the Dominican Republic, being the first real competitor in the area. Presently it is the second largest telecommunications company providing voice, data and cable services, both for residential and corporate clients.
SOURCE Tricom
Tricom
