Wind tries to restructure its remaining debt

Cell phone operator Wind Hellas is entering new negotiations for the restructuring of its debt. Six months after the biggest restructuring it has attained in Europe, amounting to 1.2 billion euros, it is starting talks for restructuring its remaining debts of 1.8 billion euros. ‘At the end of the first quarter of 2010, Wind Hellas had a controllable capital structuring. Yet, based on the trend of April and May, the situation has become ever more critical,’ the company informed investors along with its issuance of Q1 data. Revenues declined by 28.5 percent to 217 million euros and earnings before interest, taxes, depreciation and amortization (EBITDA) shrank by 31 percent in the year’s first three months. Wind Hellas also had operating losses of 14 million euros, from earnings of 12.6 million in Q1 of 2009.