(Bloomberg) -- German cable operator Tele Columbus AG is in advanced discussions with creditors for a deal that includes a cash injection from shareholders and a maturity extension on its debt, according to a statement Saturday. 

Shareholders will provide a total €300 million ($320 million) in equity contributions, which includes around €100 million in funds previously committed, the company said. In exchange, creditors will have to agree to an extension of debt maturities at par until 2028. 

Bloomberg initially reported the plans on Friday. Tele Columbus’ debt load includes €462 million of term loans coming due in October next year and €650 million of high-yield bonds maturing in May 2025. 

Germany’s Tele Columbus Nears Deal For New Money, Debt Extension

Tele Columbus “will provide an update in the coming days as further milestones are reached,” the company said. 

Tele Columbus and its owners, Morgan Stanley Infrastructure Partners and United Internet, have been working for months to find a way to refinance its debt. The company has been struggling with cash burn as a result of investment in an ambitious fiber roll-out plan in Germany. 

The network operator also said that in the context of the negotiations with the ad-hoc group of creditors it did not pay a coupon on senior secured notes due on November 2. Tele Columbus has the funds to make the payment, it added. 

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