Gigaclear Lenders Take Control of Indebted Altnet

UK fibre: lenders seize control of Gigaclear following debt ...

In depth: rural provider handed over to lenders in sweeping recapitalisation, following £0.5bn+ debt and equity write-down, with cashflow inflection point said to be on the horizon. Investors zeroed out, following abandoned trade sale, with spotlight also on National Wealth Fund sector exposure…

Gigaclear lenders take control of indebted altnet

Lenders will take over the broadband altnet Gigaclear after the company has been struggling with its near £1bn of debt. The news from the FT yesterday Gigaclear is a rural fibre altnet across 26 counties in the UK and has 600,000 premises ready for service, and reports around 160,000 customers. The latest from the FT confirms now that the UK taxpayer is the largest shareholder via the National Wealth Fund, with 11 other shareholders including Na…

Lenders Take Control of Rural UK Full Fibre Broadband ISP Gigaclear

Several key creditors of the indebted Abingdon-based alternative broadband ISP Gigaclear, which has built a full fibre (FTTP) network across 612,000 premises in rural parts of England and is home to 170,000 customers, will today formalise an agreement to take control of the business after earlier attempts to sell the company failed. But the lenders are expected to take a big haircut. The provider, which still holds an aspiration to extend their …