Abu Dhabi Group Etisalat is likely to sell its stake in Etisalat Nigeria which has defaulted on a $1,2 billion loan but want the company loan restructured before doing so according to Reuters.
The Central bank of Nigeria and the Nigerian Communications Commission on Friday agreed with local banks to pursue a default deal rather than a receivership for Etisalat Nigeria so as not to deter investors and to avoid a wider debt crisis.
Etisalat is meeting today with creditors to discuss the default.
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