VTB Capital plc announced Wednesday it had hired one of the big four audit, consulting and advisory services firms to advise on the immediate sale of the leading Bulgarian telecom operator Vivacom.

VTB is currently a security agent for a EUR 150 M bridge loan to the indirect holding company of ("BTC EAD") Vivacom - Luxembourg-based Investment S.a.r.l (InterV).

The funding was secured via a Luxembourg share pledge over 100% of the shares owned by InterV.  

"A payment default occurred at the maturity of the financing in May 2015 and the lenders have since issued several consecutive standstill notices while they have investigated solutions to achieve repayment of the financing," a company statement reads.

It goes on explaining that a creditor led competitive enforcement sales process of the InterV share collateral in Luxembourg has been implemented after a review of repayment options.

“VTB Capital plc has acted and will continue to act appropriately and in accordance with our professional responsibilities and legal obligations throughout this process.”

Plamen Dermendzhiev, a financial expert, has told Novinite the deal with Vivacom has a "very good timing."

"I think the process will be brought to a quick end, because the company itself [Vivacom] is in a very good shape to be acquired, unlike the deals of last year and especially of this one... Risk appetite is big and this gives me a reason to think a buyer will be found quickly."

Dermendzhiev also noted VTB was acting "in a manner that is standard and professional for banking practices," contrary to media comments earlier on Wednesday it was seeking to rush up with the deal.