Digicel has completed a huge financial restructuring that will see its founder, Denis O’Brien, step down as executive chairman.

In an announcement yesterday, it said that the board of directors were “pleased to announce that it has successfully completed its consensual financial restructuring”.

“The completion of the restructuring marks an important milestone for the group, which now has a substantially strengthened capital structure, positioning the group for long-term success.

“Together with the 2023 restructuring of Digicel Group Holdings Limited, the schemes have reduced the group’s consolidated debt by approximately $1.7 billion and its annual cash interest expense will be reduced by approximately $120 million.”

Digicel said that in connection with the restructuring, the board of directors of the reorganised group has been reconstituted as a nine-member board, including Rajeev Suri as chairman.

The announcement added: “The company welcomes Mr Suri as chairman and would also like to express its appreciation to Digicel’s former board of directors and to Denis O’Brien as Digicel’s founder and executive chairman since inception.

“Mr O’Brien will continue to be involved in Digicel both as an equity holder in the recapitalised business and as a director of the company’s reconstituted board.”

Digicel interim group CEO Maarten Boute said: “It’s good news for our customers, our communities and all our staff with Digicel on a more solid financial footing, enabling it to maintain and increase its longstanding commitments to the region.

“We are now well poised to continue our proud legacy of impact investing to connect people and build communities, delivering so many benefits to millions of people.

“I am excited about this new chapter for Digicel and want to take this moment to thank our customers for their loyalty and to convey a very special thank you to the 5,000 amazing Digicel staff members across the region for their continued hard work and dedication.”