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Altec Reaches Agreement With Creditor Banks

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Altec agreed on the plan of its main creditor banks (NBG, Piraeus and Eurobank) for the companys rescue, following tough negotiations.

 

Sources said that the plan calls for the following actions:

 

- The financing of Altec with 10 million euro, under the personal guarantee of Mr Th.Athanassoulis

 

- The suspension of payment of Altecs obligations to banks until the end of February 2009 and

 

- The appointment of a mutually accepted consultant who will draft a study on the impact of Altec Telecoms image on Altec group.

 

The same sources said that a capital restructuring may take place in the future, which will include the partial securitisation of Altecs obligations, thus introducing the banks in Altecs capital stock.

These moves show that the main concern is the rescue of the parent company, since the problems faced by Altec Telecoms (halt of interconnection circuits and customer exodus) seem to be non reversible.

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