Telefónica and Liberty prepare cuts worth 700 million in British VMO2
Investors are concerned about the telecommunications group's £25.5 billion debt.
Telefónica and Liberty Global, co-owners of VMO2, are planning cost-cutting measures to save around £600 million. The goal is to alleviate market concerns about the company's ability to manage its £21.928 billion debt. Proposed measures include staff reductions, cuts in current spending, and decreased investment, which totals around £2 billion annually. VMO2 reported losses of £341 million in the first half of the year, despite a 7.2% reduction in revenue to £4.789 billion.
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