Highly indebted Indian towerco GTL Infrastructure said it has created a sub-committee to restructure its outstanding foreign currency convertible bonds (FCCBs).
In 2008, GTL had raised US$300m through a FCCB issue. According to Reuters, US$228m is still…
Highly indebted Indian towerco GTL Infrastructure said it has created a sub-committee to restructure its outstanding foreign currency convertible bonds (FCCBs).
In 2008, GTL had raised US$300m through a FCCB issue. According to Reuters, US$228m is still outstanding. The bonds are due in November.
GTL added that any decision by the sub-committee will be 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.
In 2010, GTL and Reliance Communications discussed a US$11bn tower deal which would have allowed GTL to cut its debt. But the deal collapsed on alleged valuation differences.
