It was the first Dominican company listed on the NYSE. It built the most extensive cellular network in the DR. It has operations that spread from the DR to the US to Central America. Tricom is in trouble.
Its CEO being prosecuted as part of the Bancredito "scandal", Tricom announced today the appointment of a new CEO. Oddly, it never reported the resignation of its previous CEO, or the reason for the resignation.
The company is now trading at less than a dollar. It is trying to renegotiate its debt, and has missed interest payments on its Senior Notes.
So here is a company that put thousands of Dominicans to work and actually exported Dominican services to other countries. How many other companies create this much wealth internally for the DR? A handful at best.
Thanks, Hippo, for putting another nail in our coffin.
Its CEO being prosecuted as part of the Bancredito "scandal", Tricom announced today the appointment of a new CEO. Oddly, it never reported the resignation of its previous CEO, or the reason for the resignation.
The company is now trading at less than a dollar. It is trying to renegotiate its debt, and has missed interest payments on its Senior Notes.
So here is a company that put thousands of Dominicans to work and actually exported Dominican services to other countries. How many other companies create this much wealth internally for the DR? A handful at best.
Thanks, Hippo, for putting another nail in our coffin.