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COMPANY NEWS

Altec Provides Information On Bank Talks

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Altec is discussing with its three main creditors (NBG, Eurobank and Piraeus Bank) a 18 million euro loan and the suspension of their claims until February 2009. This is what the company says in a letter to the Hellenic Capital Market Commission, thus confirming information revealed yesterday by Capital.gr.

The company says that this move aims at tackling its financial problems which were exacerbated by OTEs “illegal and abusive” move of halting the interconnection circuits used by Altec Telecoms.

Altec will appoint a consultant who will study the consequences and propose capital restructuring measures.

The company clarifies that talks are under way and the terms of a deal have not been finalised yet. Altec will inform investors as soon as a deal is reached.

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