South Africa's Blue Label Telecoms said on Tuesday that Cell C, in which it is the largest shareholder, had defaulted on the payment of capital on its $184 million note, which was due on Aug. 2.
Cell C, a mobile carrier, also defaulted on interest and capital repayments related to the respective bilateral loan facilities between itself and Nedbank Limited, China Development Bank Corporation, Development Bank of Southern Africa Limited and Industrial and Commercial Bank of China Limited.
These were due in January and July 2020.
(Reporting by Nqobile Dludla; Editing by Promit Mukherjee)
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