Majority of lenders to debt-ridden Reliance Communications (RCom) have decided to oppose China Development Bank’s (CDB’s) insolvency petition submitted to the National Company Law Tribunal (NCLT). RCom said, “At a...
China Development Bank files insolvency suit against RCom
China Development Bank, which lent close to $1.78 billion to Reliance Communications (RCom), has filed an insolvency suit at the National Company Law Tribunal’s (NCLT’s) Mumbai bench after it defaulted on loans. Indian...
Lenders clear sale of RCom Delhi, Chennai assets for Rs 801 cr
Lenders of debt-ridden Reliance Communications have approved the sale of its real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield, said a source. “Lenders have approved sale of...
Differences with lenders may hit RCom’s strategic debt restructuring plan
The strategic debt restructuring (SDR) plans of Reliance CommunicationsBSE -11.03 % appear to have hit a roadblock, with the company and its lenders sparring over the treatment of loans given by group entities to the...
Reliance Industries may buy unit of bankruptcy-hit Alok
Reliance IndustriesBSE -1.17 % Ltd (RILBSE -1.17 %) may be looking at buying part of textile maker Alok Industries LtdBSE 4.77 %, three people familiar with the development said. The interest may be focused on the...
Liquidation sword dangling over Reliance Communications
On April 24, 2017, Reliance Communications (RCOM) received 99.99% of their shareholder’s approval for Scheme of Arrangement for demerger of the wireless division of the company and Reliance Telecom Limited (RTL), a...
Rcom to sell DTH business to Veecon Media and Television to pare debt
Reliance CommunicationsBSE 0.63 % (Rcom) has inked a pact with Veecon Media and Television Limited, for sale of its subsidiary Reliance BIG TV Limited (RBTV), which is in direct to home (DTH) services across India...
Lenders to India’s Reliance Communications face uphill struggle after debt swap
Lenders to embattled Reliance Communications Ltd. have bought themselves some time in taking provisions on $7 billion of debt, but still face an uphill struggle in turning around the phone company. Last week, the...
Tech Mahindra withdraws insolvency case against Reliance Communications from NCLT
Software firm Tech MahindraBSE 0.69 % (TechM) has withdrawn its insolvency case against Reliance CommunicationsBSE -2.02 % (RCom) from the National Company Law Tribunal (NCLT) in favour of a mutual, out-of-court...
Anil Ambani hands over majority stake in RCom to banks under new debt repayment plan
Reliance Communications (Rcom) has presented a fresh “zero write-off, plan to its lenders, under which banks could convert some of its debt and take a majority 51% stake in the telecom operator. The company could...
Edelweiss ARC, AION Capital and two others vie for Uttam Galva Steel
Debt-laden steel company Uttam Galva Steel has four suitors including Edelweiss ARC and AION Capital, its managing director Ankit Miglani told ET. While the promoter group has also submitted its own restructuring...
NCLT to consider Nov 2 admitting TechM insolvency petition against RCom
The National Company Law Tribunal (NCLT) will consider admitting an insolvency case against Reliance Communications (Rcom) filed by Tech Mahindra on 2nd of November. The IT company had filed an insolvency petition for a...