ONO taps shareholders for E200m
March 10, 2010
Spanish cable operator ONO is to receive a E200 million shareholder loan as part of its refinancing. ONO will have immediate access to E125 million immediately with E75 million in liquidity reserve. The shareholder contribution is a boost to ONO's restructuring efforts though it needs more cash to meet debt covenants and a bond issue or rights issue are still under discussion.