Egypt's OT says lenders grant it waiver until Jan. 26

By IBTimes Staff Reporter | December 24 2009 10:53 AM

CAIRO, Dec 24 - Egypt's Orascom Telecom (ORTE.CA) has obtained a waiver expiring Jan. 26 from its lenders under a $2.5 billion credit agreement, ahead of a planned $800 million rights issue, the company said on Thursday.

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The waiver is related to back taxes Algeria says the company owes, the firm said in a statement.

In November Orascom said Algeria's tax authority had notified the company that it owed $596.6 million in outstanding taxes for 2005 to 2007. (Reporting by Alexander Dziadosz; editing by Karen Foster)

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