Abu Dhabi – Mubasher: The renegotiation between Etisalat Nigeria and its lenders regarding the conditions of a $1.2 billion loan are in trouble after the company failed to pay a premium, sources told Reuters on Tuesday.

Etisalat Nigeria, an arm of Emirates Telecommunications Group (Etisalat), and the lenders held a meeting on 28 May in London, led by Guaranty Trust Bank, which failed to reach a concrete agreement, given that lenders are aiming to conclude debt restructuring before mid-year audits next month and want to avoid losses, a bank source told the agency.

The company had signed a seven-year medium-term credit facility with 13 local banks in 2013 to refinance a $650 million loan and finance the expansion of its network.