Indian network services group GTL, and its unit GTL Infrastructure, have received approval from their lenders to restructure approximately Rs160bn (US$3bn) worth of debt, according to Reuters citing two sources close to the matter.
The companies have…
Indian network services group GTL, and its unit GTL Infrastructure, have received approval from their lenders to restructure approximately Rs160bn (US$3bn) worth of debt, according to Reuters citing two sources close to the matter.
The companies have been looking to restructure their loans for a few months now after allegedly defaulting on repayments in early July.
GTL’s lenders include ICICI Bank, Standard Chartered, State Bank of India, and Punjab National Bank, wrote Reuters.
Last year, it was hoped that an US$11bn tower deal between GTL and Reliance Communications would allow it to cut its debt. But the deal collapsed on alleged valuation differences.
