BERMUDA — Digicel Holdings (Bermuda) Limited, together with its subsidiaries and its board of directors, have announced that it has successfully completed its financial restructuring.

According to a news release on Monday, the restructuring has allowed the group to reduce its consolidated debt by some $1.7 billion. Its annual cash interest is also expected to be reduced by approximately $120 million.

The group also highlighted that the restructuring “marks an important milestone for the Group, which now has a substantially strengthened capital structure, positioning the Group for long-term success.”

“Together with the 2023 restructuring of Digicel Group Holdings Limited (“DGHL”), the Schemes have reduced the Group’s consolidated debt by approximately $1.7 billion and its annual cash interest expense will be reduced by approximately $120 million,” the statement read.

As a result of the restructuring, Digicel founder and executive chairman, Dennis O’Brien will continue to serve the company in the capacity of director. Nine members will now serve as the Group’s board of directors with Rajeev Suri as chairman and Maarten Boute as its Interim Chief Executive Officer.

“It’s good news today for our customers, our communities and all our staff with Digicel on a more solid financial footing enabling it to maintain and increase its longstanding commitments to the region. We are now well poised to continue our proud legacy of impact investing to connect people and build communities, delivering so many benefits to millions of people,” Boute said.

“I am excited about this new chapter for Digicel and want to take this moment to thank our customers for their loyalty and to convey a very special thank you to the 5,000 amazing Digicel staff members across the region for their continued hard work and dedication.”