The financial press are reporting that Colt Telecom was looking to raise £300m in equity to pay off most of its debt as it took a £247m impairment charge in a move expected to push it into profit next year.
The fundraising and asset write-down is apparently part of several initiatives announced by the company as it cuts costs to offset intense competition. The company, which operates a fibre-optic network connecting 32 of Europe's largest cities in 13 countries, said it planned to scrap its secondary listing on Nasdaq and would move its domicile to mainland Europe as part of an ongoing cost-cutting programme.