NEW YORK, Oct. 21 /PRNewswire/ -- Tricom, S.A., the Dominican
Telecommunications company, proudly announced today the conclusion of its
Financial Restructuring process.
The financial plan was approved by 99.95% of creditors that cast their vote
and ratified today, October 21st, 2009, by the Honorable Judge Stuart M.
Bernstein of the US Bankruptcy Court for the Southern District of New York.
With the ratification of the plan, and after the conclusion of the
implementation phase in the Dominican Republic, which includes, among other
actions, INDOTEL's (Instituto Dominicano de Las Telecomunicaciones) approval
of the plan, the former creditors will become the new shareholders of the
company, changing their debt for shares, and substantially eliminating all
non-secured debts, which totaled over US$500 million.
"This invaluable vote of confidence in the future of our company, due to our
excellent performance over the last four years, is something never seen before
in our country," said Mr. Hector Castro Noboa, Tricom's CEO.
Mr. Castro Noboa continued, "During the years in which the restructuring
process took place, Tricom has invested over US$160 million, and today marks
the beginning of a new stage which will allow us to fulfill our long-term
investment plans. We will ensure Tricom is at the head of the competitive
pack and poised to develop a new technological infrastructure.
"We greatly thank our customers, both residential and corporate, as well as
the passion and commitment of our employees, for the confidence placed in our
company during this process," said Mr. Castro Noboa.
About Tricom
Tricom was founded in 1988, being the leader in the process of
telecommunications in the Dominican Republic, being the first real competitor
in the area. Presently it is the second largest telecommunications company
providing voice, data and cable services, both for residential and corporate
clients.
SOURCE Tricom
Patricia Salazar, +1-809-979-8033; patricias@caribbeanpn.com
