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Four rounds of negotiation between Liberty Latin America (LILA, LILAK) and a steering committee of its largest creditors have yielded rough agreement on the shape of a new debt stack, but the parties remain split on the question that defines this restructuring: how much of the reorganized entity LLA itself retains.
The September 11 counterproposal from the creditor group, disclosed in a Regulation FD 8-K filing, sharpens that gap. The case for a deal being close rests on the financing terms.
Both sides have aligned on a $410 million new-money "first-out" facility, with LLA agreeing to cover any prepayment penalties on the existing debt it replaces.
The ad hoc group of creditors (AHG) backstops the raise, with participation open to all term loan, bond, and revolving-credit holders.
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