By T. Igoumenidi
[email protected]
Vodafone and Wind, two of the three major mobile phone and telecoms operators in Greece, along with Providence in tandem with the local Antenna media group and finally Odyssey Consulting Management are reportedly the three suitors who have submitted binding offers for the purchase of Forthnet, a major Internet and home entertainment (Nova) provider in Greece.
No information was available on Friday afternoon, after a deadline ended, on whether Golden Tree Asset Management, a major shareholder in Wind, would continue in the process as a prospective fourth suitor.
Forthnet's sale is being shepherded by three creditors banks (Piraeus, Attica, National Bank and Alpha), which together own 32.8 percent of the former's share capital, after the conversion of a bond loan into shares via the contribution of Nomura International.
According to market analysts, the three bids include a provision for a "haircut" of the listed company's bank obligations, as prospect that nevertheless appears as difficult for the Greek lenders to accept, if judged from recent agreements that witnessed the sell-off of debt-laden fish farm producers. A more realistic prospect, according to the same sources, is for banks to offer a generous extension of maturities.
Forthnet includes a customer base of 700,000 households at present.
