Forthnet accepts banks’ settlement deal

Forthnet accepts banks’ settlement deal

Athens-listed telecommunications firm Forthnet announced on Thursday it had accepted in principle a proposal by its lending banks including indicative, nonbinding, summary refinancing terms regarding the company’s obligations to them, following extensive discussions.

Its total bank debts add up to 325 million euros.

Forthnet also announced that the pay-TV subscriber base of its Nova satellite platform dropped below the 500,000 mark to almost 494,600 at end-2015, posting a yearly loss of 2.5 percent from end-2014.

Revenues declined 7 percent year-on-year and EBITDA shrank 18.8 percent.

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