Richard Li, the president and chief executive of Pacific Century Group, participates in the "A Conversation With Richard Li of Pacific Century Group: An Eastern Investor Turns West" panel at the 2010 Milken Institute Global Conference in Beverly Hills, California April 27, 2010. [Agencies]
Hong Kong billionaire Richard Li is negotiating with large US and European banks and US companies to restructure 800 million euros ($1 billion) of debts owed by Bulgarian phone company Vivacom AD, Standart reported.
The funds were borrowed two years ago by Vivacom's previous owner American International Group Inc to acquire the company from Icelandic billionaire Thor Bjorgolfsson, the newspaper said, citing unidentified persons.
Creditors with whom Li is negotiating include Royal Bank of Scotland Group Plc and Deutsche Bank AG, the newspaper said.
Li's Pacific Century Group bought PineBridge Investments, the company which ran Vivacom, from AIG in March. Vivacom was formerly known as the Bulgarian Telecommunications Company.
