Talktalk Telecom Group PLC (LSE:TALK) founder Charles Dunstone and other shareholders are being pressed to inject £180m into the broadband provider to help it meet its upcoming debt repayments.
According to the Telegraph, the telco’s lenders want a £330milion revolving credit facility reduced to £150 million ahead of a refinancing in November.
Dunstone and other shareholders are said to be holding talks with the bank over meeting the shortfall.
Next February a further £685m worth of bonds are due to be redeemed and another option being mentioned is a debt-for-equity swap and handing control over the group’s banks.
Earlier this year, TalkTalk was said to be in discussions with VM02 over the sale of its consumer division as part of another plan to reduce its debts.
TalkTalk has already sold its business division for £95 million to a vehicle controlled by its primary investors.