Bondholders shun Netia buyback raw deal

News

HIGH YIELD INVESTORS ARE BY now well accustomed to entering into negotiations on restructurings of down-and-out telecoms companies, but Netia’s collapse and the subsequent emergence of a proposed buyback was arguably one of the least expected.

Some fund managers confess in private that they were betting on Netia being saved by Telia, the Swedish incumbent and a 49% shareholder in the Polish alternative telecoms company.

“Telia has done it historically,” says one fund manager, “and until now N

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