In a narrow window between the late summer of 2020 and the winter of 2021, it looked like Denis O’Brien had pulled it off.  He had managed to restructure Digicel’s debts in May 2020, forcing a hefty write-down on creditors. The only catch was that he needed to refinance a chunk of the debt before June 2023, on the pain of losing 47 per cent of his equity. It was not long after that, when the initial panic over Covid died down, that there began a bull market in risky bonds. Great news for O’Brien. Between May 2020 and June…

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