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 Absa Bank and MCB became repayable today, July 31st, 2010. “The board members… had no other alternative than to put the operating subsidiary, Intercable Reunion SAS (ICR) under a legal administrative process that could lead to the liquidation of the company in La Réunion,” reads the press release.
All the members of the board of ICH, the parent company, resigned as of yesterday and Laflamme has been mandated by the board, as president and CEO of the company, to transact all matters on behalf of ICH.
