RCom Lenders on Spot as Suitors Offer Pennies -- Market Talk
November 22 2017 - 3:01AM
Dow Jones News
0731 GMT - Competition to acquire Indian telecom Reliance seems
to be heating up with many industry players including Bharti
Airtel, Reliance Jio and Vodafone evincing interest in the
debt-laden company. But they're only offering to pay $1.8 billion
on the $7 billion of debt Reliance owes lenders. Final bids are due
next month, and they may climb from the initial approaches. But
that could still leave lenders getting less than half of what
they're owed. Reliance Communications is also facing an insolvency
petition from Ericsson, which comes up for an Indian court hearing
tomorrow. Investors holding RCom's $300 million of bonds are also
mulling legal action against the company after it missed an
interest payment recently. (manju.dalal@wsj.com)
(END) Dow Jones Newswires
November 22, 2017 02:46 ET (07:46 GMT)
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