TalkTalk Telecom Group reached a tentative agreement with lenders on a refinancing that will give the cash-strapped UK broadband provider more time to pay its debts as it struggles with competition and higher costs.
Shareholders will provide an immediate £65 million ($83 million) of funding, with a further £170 million to come once binding agreements have been signed, according to a company statement on Monday. Major shareholders and Ares Management Corp. will also contribute further assets to the company, including the Virtual1 business, and the Ovo and Shell-branded customer bases.
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