Energis' creditors have agreed to extend a loan which will ensure that the telco's troubled European operations stay in business.
Shares rose dramatically after 16 banks agreed to revise a £725m loan which will buy the company time while it looks for buyers.
But enthusiasm on the part of bankers, which include Canadian Imperial Bank of Commerce and Cisco, to sell part of the debt they have lent the telecommunications operator, waned due to a lack of confidence about the recovering of loans.
Energis has begun a search for buyers. Its profitable UK operations have attracted several would-be buyers, which should encourage the banks to support the group in the hope of securing some return on investment.
Analysts had previously believed that lenders would be paid off in full, but some have hinted that they will sell below 70 per cent of face value.
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