Bondholders of GTL Infrastructure will meet on 8 November to decide whether to approve the restructuring of a US$228m debt, the company announced to the Bombay Stock Exchange today.
The highly indebted Indian towerco raised US$300m through a foreign…
Bondholders of GTL Infrastructure will meet on 8 November to decide whether to approve the restructuring of a US$228m debt, the company announced to the Bombay Stock Exchange today.
The highly indebted Indian towerco raised US$300m through a foreign currency convertible bonds (FCCB) issue in 2008 and US$228m is still outstanding. The bonds are due on 29 November.
TelecomFinance reported back in July that GTL Infra had created a sub-committee to restructure the bonds but that any decision was subject to approval of the Reserve Bank of India, corporate debt restructuring lenders, and shareholders.
Late last year, GTL Infra and parent GTL reportedly received approval from their lenders to restructure approximately Rs160bn (US$3bn) worth of debt, after allegedly defaulting on repayments in early July 2011.
