Liberty Latin America Settles Insurance Claims for Hurricanes Maria and Irma
Total net third-party insurance proceeds of
Final settlement payment of
We have received net advance payments from our third-party insurance provider totaling
With respect to Liberty Latin America’s financial results, the proceeds from the settlement will be allocated between recoveries for business interruption and operating expenses, which will benefit OCF1, and recoveries associated with property damages, which will be reflected as a gain within impairment, restructuring and other operating items, net. There will be no impact on revenue reported in 2018 or 2019. Of the net third-party insurance proceeds, over half is expected to benefit our 2018 OCF.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the net insurance proceeds, including the timing and amount of future payments; the potential impact on our 2018 OCF; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include factors that are outside of our control, including factors detailed from time to time in Liberty Latin America’s filings with the
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For more information, please visit www.lla.com.
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1 As used herein, OCF has the same meaning as the term “Adjusted OIBDA” that is referenced in our annual and quarterly reports. We define OCF as operating income (loss) before depreciation and amortization, share based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
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