Transmarco Limited, Lanka Bells Singaporean parent company is looking at divesting its remaining stake in its Sri Lankan wireless local loop operation.
On Monday, wire services reported that Transmarco had successfully negotiated with Lanka Bells creditors to write off a significant part of its debt and accept cash and an equity stake for the rest.
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rnLanka Bell officials are expected to come out with a statement to its employees later in the week, outlining the change in its ownership structure and restructuring plans. rn
rnLanka Bell officials declined to comment at the time of the report.rn
rnMeanwhile, under the principal terms of the debt restructuring agreement, creditors agreed to waive all accrued interest totalling US$25.6 million.rn
rnNortel Networks Group (the equipment suppliers) and GTE Telecom International Systems Corporation (supplier of staff to establish, operate and management the telecom network) will each be paid US$1.5 million cash. rn
rnAbout 90 per cent of the balan