Since 2019, Denis O’Brien’s Digicel strategy has been to play for time and hope something turns up. Twice, Digicel, O’Brien’s Caribbean telecom behemoth, strong-armed its creditors. First, it won more time to repay. And then it negotiated a $1.6 billion reduction in its debt. In the summer of 2021, it looked like the strategy had worked out. Digicel found itself in the middle of a geopolitical rivalry between China and the Western block, which allowed it to extract a great price for its Pacific business – $1.3 billion, with the potential for an earn-out. Even better, at the time credit…

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