OTE requests waivers for Cosmorom

Greek telecommunications group OTE, RomTelecom’s majority shareholder, on Tuesday announced it had requested noteholder waivers and consents regarding the default of its indirect subsidiary, Cosmorom. According to OTE, the company requested the holders of bonds from the 1.1bn euro issue due in 2007, released by OTE Plc subsidiary and secured by OTE, to consent to a series of amendments to the provisions about defaulting. The amendments target, on the one hand, limiting the impact of such provisions on OTE, OTE Plc and other significant subsidiaries (except RomTelecom and OTE Estate), as well as allowing project finance for the operational subsidiaries in the SE Europe. OTE’s noteholders consenting to the waivers and proposed amendments by June 16 will be paid a fee of 2.5 euros for every bond worth 1,000 euros. Those who consent until June 27 will be paid a fee of 1.5 euros for every 1,000 euros. The Greek group last week announced Cosmorom mobile telephony operator had failed to reach an agreement with its main equipment supplier about certain commercial debts the creditor estimated to be worth 100 million euros plus interests. ZF