VTB Capital, CCB To Pay $161M For Bulgarian Telecom Co.

Law360, New York (August 7, 2012, 5:32 PM EDT) -- VTB Capital PLC, a unit of Russian bank VTB Group, and Corporate Commercial Bank AD have agreed to pay €130 million ($161.2 million) for Bulgarian telecommunications company Vivacom, which has struggled under the weight of its multibillion-dollar debt, Vivacom said Tuesday.

The company's debt totals roughly €1.65 billion and will begin to be hacked down through a restructuring plan, set to kick in this month. Pending approval from competition regulators and the fulfillment of other conditions, the transaction is expected to close in September.

VTB, Bulgaria-based...
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