March 8, 2018 / 1:32 PM / 5 months ago

BRIEF-GTL Infrastructure Says Impact Of Aircel's Insolvency To Be Materially Adverse For Co

March 8 (Reuters) - GTL Infrastructure Ltd:

* SAYS IN EVENT AIRCEL BECOMES INSOLVENT, CO WOULD LOSE ALL 23,727 OF AIRCEL’S TENANCIES

* SINCE AIRCEL CONTRIBUTED 43 PERCENT OF REVENUES OF CO AS ON MARCH 2017, IMPACT OF ITS INSOLVENCY WILL BE MATERIALLY ADVERSE FOR CO

* AS ON MAR 8, AIRCEL HAS OVERDUE OUTSTANDINGS TOWARDS INFRASTRUCTURE PROVISIONING FEES AND PAST SETTLEMENTS OF OVER 3.84 BILLION RUPEES

* IF AIRCEL BECAME INSOLVENT, GTL INFRA’S DUES RECOVERABLE FROM AIRCEL FOR REMAINDER OF CONTRACT TERM WOULD BE 127.91 BILLION RUPEES

* CO WILL BE RE-NEGOTIATING ARRANGEMENTS WITH EXISTING VENDORS

* CO EXPECTS TO ADD AROUND 4,200 TENANCIES FROM CONTINUING OPERATORS DURING THIS FINANCIAL YEAR

* CO NOW SEES REVENUE OF 22.67 BILLION RUPEES IN FY 2017-18 Source text - bit.ly/2Fp0ZDy Further company coverage:

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