‘Reliance Comm told bondholders they’re on par with lenders’
.jpg)
Reliance Communications (RCom), which earlier this month defaulted on dollar notes, told bondholders that they would be treated the same as bank lenders in terms of their ability to recover funds, according to Citigroup.
The mobile phone operator controlled by billionaire Anil Ambani, whose failure to pay interest on the dollar notes comes as a high-profile test of the country's new bankruptcy laws, held the call on Monday, Citigroup said in a note to clients dated November 28.
That came amid news that China Development Bank was said to have asked a tribunal to place the company under insolvency proceedings.
"One of the key takeaways for us was the company's intent to treat the bondholders pari-passu to the other secured lenders," Citigroup said in the note. One of the triggers for the call was to encourage bondholders to form a committee, it said. Intense price competition has driven down earnings as larger mobile companies such as Bharti Airtel and the deep-pocketed Reliance Jio Infocomm vie for market share.
Other Latest News
.webp)
Telugu Desam Party quitting NDA in 2018 was not a mistake, senior party leader and former Civil Aviation Minister P Ashok Gajapati Raju has said.
The regional party rejoining the alliance (NDA) was justified as BJP is saying it would do "something" for Andhra Pradesh, he added.
.webp)
China will never treat India as an equal partner and by amassing troops on the border, Beijing is forcing New Delhi to spend more money on defence than capital investment, Mukesh Aghi, the head of a top US-based India-centric business and strategic group has said.
The militaries of India and China have been locked in a standoff since May 2020 and a full resolution of the border row has not yet been achieved though the two sides have had several rounds of talks at the diplomatic and military levels.
.webp)
The Enforcement Directorate on Monday claimed to have recovered a huge amount of "unaccounted" cash during searches of premises allegedly linked to an aide of a state minister, official sources said.
Video footage shared by the sources showed wads of currency notes spread in a room that is alleged to be of the domestic help of the private secretary of rural development minister Alamgir Alam.
.webp)
Australia's Qantas Airways agreed to pay A$120 million ($79 million) to settle a regulator lawsuit over the sale of thousands of tickets on already cancelled flights, in an attempt to end a reputational crisis that has engulfed the airline.
The company will split A$20 million between more than 86,000 customers who booked tickets on the so-called "ghost flights" and pay a A$100 million fine instead of defending the lawsuit that it had previously vowed to fight, Qantas and the Australian Competition and Consumer Commission (ACCC) said on Monday.
.webp)
Billionaire investor Warren Buffett said that the Indian market has unexplored opportunities which his conglomerate holding company, Berkshire Hathaway, would like to explore in the future".
Buffett's remarks came at Berkshire's annual meeting on Friday when Rajeev Agarwal of DoorDarshi Advisors, a US-based hedge fund that invests in Indian equities, asked him about the possibility of Berkshire exploring in India, the world's fifth-largest economy.
.webp)
.webp)
.webp)
.webp)
.webp)
