Banks grant MobilCom lifeline by extending debt deadline

MobilCom, the German mobile phone firm, staved off the prospect of insolvency after its lending banks agreed to extend the deadline for €4.7bn ($4.6bn) of debt - due to mature on Monday - until next month.

The company, which has been facing extinction because of its debt burden and a long-running dispute with partner France Télécom, unveiled a restructuring plan to employees on Friday that includes job cuts and cost savings.

WSJ Logo
Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout FirmsExternal link

Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout Firms