Hellenic Telecom May Sell Foreign Subsidiary, Imerisia Reports

Hellenic Telecommunications Organization SA (HTO) is considering selling a unit outside Greece to help reduce debt, Imerisia reported, citing the company’s Chief Executive Officer Michael Tsamaz.

The company wants to re-finance 3.1 billion euros ($3.94 billion) of debt due by February 2014 and reduce operating costs, the Athens-based newspaper said.

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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