Digicel has completed its US$1.6-billion debt restructuring.

A reported 97% of the telecoms company’s bondholders have agreed to accept the new terms.

The move will reduce Digicel’s debt from $7 billion to $5.4 billion US.

This will reduce its annual interest payments by around $125 million US.

Full details of the offer were kept confidential.

The company filed for bankruptcy protection in New York in late May, saying its debt was unsustainable.

According to the filings, Digicel had $7.4 billion in outstanding debt, while revenues for the year ending March 2020 were $2.3 billion.

Operating profit was listed at $479 million.

KPMG was appointed provisional liquidators in case the process failed.

According to a report in the Irish Times in May, KPMG calculated that a firesale of Digicel’s assets would raise between $484 million and $629 million.

Digicel has operations in 32 markets in the Caribbean, Central America and the Pacific.

Meanwhile, Digicel this week won a multi-million dollar lawsuit against the French multinational telecoms company, Orange.

A French court has ordered Orange to pay Digicel 181 million euros in damages and 68 million euros in interest because of Orange’s anti-competitive practices in the early 2000s.

The case relates to Orange’s activities in the French Caribbean territories –  Martinique, Guadeloupe and French Guiana.