ECONOMY

Wind freezes debt, puts itself up for sale

Wind Hellas can put itself up for sale following an agreement with creditors that will freeze its debt until November 5, the cell-phone operator announced yesterday. Wind, the country’s third-largest mobile network, has managed to defer loans of 40.5 million euros and now has the chance to improve its cash flow or restructure its debt. Its stated target is to find alternative solutions by October 14. ‘The context of this process includes the invitation of offers for the acquisition of Wind Hellas or the realization of an investment in the company combined with the restructuring of its debt,’ the statement read. The Greek company, owned by Egyptian billionaire Naguib Sawiris, has had a rough time in the industry due to the decline in consumer confidence and spending in general, while competition with market rivals Cosmote and Vodafone remains fierce and costly.