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JAMAICA OBSERVER – Digicel group has issued a brief statement to say that it “fundamentally disagrees with the conclusions of the report” issued this past weekend by the Irish Times, which hinted that viral distress faces the company which has debt of US6.2-billion debt at 6.2 times earnings.
While its debts are in US dollars, the company is trying to pay them off in largely depreciating currencies from Haiti, Papua New Guinea, and Jamaica.
In Mid-November Bloomberg reported that for the company’s second quarter, adjusted earnings before interest, taxes, depreciation and amortisation slid about 11 per cent because of unfavourable foreign exchange rates during the second three months of its financial year from a year earlier.
The cat was let among the pigeons last week by CreditSights debt analyst Michael Chakardjian who, in a briefing to investors, hinted that Digicel is “stressed” — in spite of 14 million subscribers — highlighting the US $6.2 billion (about €5.9 billion) debt.
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