South African mobile operator Cell C is still grappling with insolvency, with liabilities towering almost three times higher than its assets.
The latest report tells us that Cell C still has more debts than assets with a gap of R9.294 billion.
The agreements led to the settlement of debts at a discounted rate of 20 cents to the rand, aiming to ease Cell C’s hefty debt load.
Cell C’s immediate debts dropped from R17.691 billion to R10.732 billion.
However, non-current liabilities increased by R1.1 billion due to an increase in contract liabilities and other payables.