Fibre to the home project gets major restructure

Fibre to the home provider CityFibre Holdings has announced it has finished restructuring work on two of its acquired firms, which the company took over following financial woes.

Fibrecity Holdings and H20 Networks, which were purchased by CityFibre Holdings from the i3 Group, have now been successfully restructured with the full backing of the banks which provided original funding, the group said.

CityFibre Holdings said the completed restructuring would help bring an end to "a period of insecurity" for customers of the firms and suppliers in the same chain.

Talking about the restructuring, chief executive officer of CityFibre Greg Mesch said: "While restructuring the businesses, it was really important for us to save and protect the customer contracts and the fibre to the home and metropolitan fibre optic networks."

CityFibre Holdings acquired the shares of i3 Group's Fibrecity Holdings, H2O Networks and Opencity Media back in January this year and at the time, it highlighted its vast experience in controlling funds in capital intensive firms in the telecoms sector.