Creditors to a vehicle linked to international telecoms group Weather Investments have been gathering support in an attempt to block the company from buying back its bonds at a discount, according to people familiar with the situation. The agitation by the bondholders highlights how creditors are increasingly looking to fight back against attempts by companies, or their shareholders, to capitalise on depressed debt markets to reduce refinancing risk cheaply.

Weather Capital is a unit guaranteed by Weather Investments, which is based in Italy and controlled by Egyptian entrepreneur Naguib Sawiris.