Intercable Africa running out of money

MONTREAL – The parent company of Canadian-based Intercable Africa announced today it’s financing has fallen through.The company, run by former Videotron executive Guy Laflamme (who also launched Portugal’s Cabovisao before Cogeco rescued it from creditors), has been building a cable system in Reunion, a tiny French-controlled island nation of about 800,000 in the Indian Ocean off the coast of Madagascar.In a press release, the company said it was not able to obtain additional financing with Absa Bank and The Mauritius Commercial Bank (MCB), nor an extension of the due date of its current outstanding bridge facilities.Therefore, all credit facilities with...