Creditors of indebted German cable company Orion have agreed a deal that will see Tele Columbus, one of its operating companies, sold to a new company. Shareholders of Orion will sell their shares in Tele Columbus to a special purpose vehicle funded by the company's lenders in exchange for E2.5 million according to various reports.

The move avoids an auction of the shares in Tele Columbus, which was triggered after creditors enforced covenants on loans last month. The deal between a steering group of lenders and shareholders means that the auction, which had been set for December 30th, has been called off.

Orion had entered into a standstill agreement with creditors in August in a bid to restructure its debts but, after failing to agree a deal, lenders started a process to take control of the company.

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