Nigeria's 9mobile debt servicing is due on Aug 29 -bankers

Payment schedule on outstanding loan to Nigeria's 9mobile by 13 commercial lenders will fall due by Aug 29, senior bankers familiar with the deal said on Tuesday.
9Mobile, formerly Etisalat Nigeria had taken out a $1.2 billion loan four years ago from a consortium of banks but struggled to repay it due to a currency crisis and a recession in Nigeria.
Nigerian regulators stepped in last month to save the telecoms firm from collapse and prevent lenders placing the country's fourth biggest telecoms group into receivership, prompting a board, management, and name change.
The company's vice president for regulatory affairs had said in June that the total amount of debt outstanding to the consortium of banks were $227 million and 113 billion naira. 

"9mobile has only missed part payment of the principal on May 29, this year while they had paid the interest on the loan but missed part payment of the principal," a banker who declined being named said.
The source said the company has not restructured its debt despite the reconstitution of its board by the regulators last month to prepare it for a new investor.
"We know that there was something wrong with the company and that was the reason we make provision on the loan," another banker said.

Itwas not clear if the telecoms firm will meet the repayment schedule or hide under its present structure to push forward the payment.
Nigeria's Zenith Bank told a conference call on Monday it has made a provision on 30 percent of its loan to 9mobile. The country's fourth largest telecoms group is also owing Zenith Bank bilateral loan aside from the syndicated loan.
Nigeria's Union Bank last week said it has sufficient cover for its 3.9 billion naira loan to telecoms group.