Lenders get bids for Reliance Communications assets
Reliance Communications's assets put on the block are in telecom and real estate09-12-2017
09-12-2017
RCom woes aggravate as ICBC plans to support China Development Bank's insolvency petition
China's biggest lender, Industrial and Commercial Bank of China (ICBC) and Export-Import Bank of China are planning to support China Development Bank's insolvency petition against Reliance Communications. CDB accounts for 37.11 per cent of RCom's total secured debt.06-12-2017
Shipwreck: RCom falls further as Fitch withdraws ratings, lenders take company to court
Reliance Communications (RCom) has been attempting to restructure its debt into a debt for equity swap. However this has just become harder as Fitch has withdrawn its ratings for the firm (its most recent rating on RCom debt was a C). In addition, two more Chinese lenders - Industrial and Commercial Bank of China (ICBC), the country's biggest-listed lender by assets, and Export-Import Bank of China - are supporting China Development Bank in its effort to bring an insolvency case against RCom. The Chinese lenders are trying to recover about $2 billion that RCom owes them. CDB is a policy lender 100% owned by the Chinese government and under the direct supervision of its State Council. The push from CDB comes as Anil Ambani has turned out to be a forgetful witness for the prosecution in the case hearings for the 2G scam this month. Anil Dhirubhai Ambani Group executives, are accused in the 2G case of creating a web of shell companies within the ADA group ,that allegedly aided in transferring money to companies run by Karunanidhi’s family members. The proposal for lenders from RCom was to convert debt to equity that would give the lenders a 51% stake in the company. Some lenders, including the Chinese banks, have been reluctant to agree to such a conversion, in case RCom becomes subject to future investigations, devaluing their holdings even further. RCom's share price is sharply down on the news. Nick Jio06-12-2017
Credit Rating
Fitch Ratings - withdrawn rating of the Company and Senior Secured Notes (Bonds).05-12-2017
Reliance Communications Ltd reply to clarification sought by the exchange
The Exchange had sought clarification from Reliance Communications Ltd with respect to news appearing on www.ndtv.com on December 04, 2017 titled "Another Insolvency Plea Against Reliance Communications For Rs 44 Lakh"Reliance Communications Ltd response is enclosed.05-12-2017
Clarification sought from Reliance Communications Ltd
The Exchange has sought clarification from Reliance Communications Ltd with respect to news article appearing on www.ndtv.com on December 04, 2017 titled "Another Insolvency Plea Against Reliance Communications For Rs 44 Lakh"The reply is awaited.05-12-2017
Testing times
Lenders' ability to arrive at a quick resolution plan for Reliance Communications may prove a test case for the new Bankruptcy Code04-12-2017
RCom: Turbulence continues
The stock of Reliance Communications (RCom) tanked more than 7 per cent last week. This follows China Development Bank (CDB) filing an insolvency case against the company with the National Company...03-12-2017
Lenders to block insolvency suit against Reliance Communications
If order gets passed, lenders will have to provision for 50 per cent of their debt01-12-2017
RCom says lenders oppose China Development Bank's insolvency petition
RCom lenders have also decided to appoint J. Sagar Associates as legal counsel to oppose China Development Bank's insolvency petition at the admission stage itself01-12-2017