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O'Brien will have to offer more if he wants lenders to eat $1.7bn

Richard Curran


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Digicel chairman Denis O’Brien

Digicel chairman Denis O’Brien

Digicel chairman Denis O’Brien

Telecoms entrepreneur Denis O'Brien was in a pretty stoical mood back in 2015 when he pulled the plug on a $2bn (€1.8bn) IPO of Digicel at the 11th hour. "Why would you sell your front garden when you know it's worth a lot of money and why would you sell at a discount?" he said to American news channel CNBC.

O'Brien has now put a value on his "front garden" under the terms of a proposal to bondholders. It looks like it's $200m for 49pc of the business.

The overall proposal would see bondholders write off $1.7bn of debt in return for accepting new bonds.