Tele Columbus - comment
Tele Columbus (TC) has completed the shareholder loan as promised in its Q223 investor call. The €15m loan plugs a December 23 funding gap identified by the company in its H102 accounts. It is not the solution to the much larger capital structure discussion between TC and its bondholders that is about to begin. New equity of €500m is needed for TC's €2bn fibre roll-out plans and getting shareholders to agree to this will require rescheduling existing liabilities.