TalkTalk has reportedly reached a £400 million deal with lenders aimed at preventing the broadband provider from defaulting on its debts.
According to Sky News, shareholders will immediately inject £65 million into the company, which serves almost four million customers in the UK.
A further injection of £170 million will then be made, with the total refinancing said to be worth £400 million, Sky-quoted sources said.
Lenders and bondholders will extend debt maturities from this November and February to the autumn of 2027 under the agreement, allowing time for TalkTalk to carry out plans for its wholesale and customer networks.
Dame Tristia Harrison is expected to be replaced as chief financial officer by chief financial officer James Smith under the plan, which Sky reported would be confirmed by TalkTalk on Monday.