- AS you must be aware, In October this year, RCom abandoned/called off its proposed merger with Aircel due to regulatory delays and legal uncertainties.
- the Rcom has net debt of around Rs 45,000 crore (about $7 billion), To reduce its debt, RCom was to merge its business with Aircel.
Rcom took loan from China Development Bank (CDB) for the purpose of :-
- outstanding foreign currency convertible bonds FCCB,
- for financing imports/domestic expenditure,
- spectrum fees.
thus, following persons approached to the bankruptcy court, being :
- Financial Creditor, CDB to recover its dues of around Rs 9,000 crore ($1.7 billion),
- Operational creditor,Swedish telecom major Ericsson India Ltd and technology services firm Manipal Technologies Ltd to recover Rs 1,155.50 crore (about $180 million).
CDB applied NCLT ;
- to admit their petition,
- to appoint as an interim resolution professional, to their nominee Alvarez & Marsal (A&M).
while most domestic lenders have stayed away. This is because RCom is already undergoing a strategic debt restructuring (SDR) scheme.
