Atlantic bondholders to lose £150m

12 April 2012

Bondholders who pulled the plug on Atlantic Telecom are likely to lose more than £150m. Administrators expect only a nominal sum for the remaining assets of the group.

When no single buyer for Atlantic's assets emerged, the administrators tried to sell parts of the business. But after last Friday's sale of business customers to Opal Telecom, further deals look unlikely. Bondholders, who are owed more than £200m, will share £50m that the company is reported to have in the bank, but ordinary shareholders will get nothing. More than 100 jobs will be lost.

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