Reliance Communications Ltd (RLCM.BO)
8 Dec 2017
HONG KONG, Dec 6 (IFR) - Asian credit markets were stable in thin trade on Wednesday while regional stock markets slumped to a two-month low.
HONG KONG/MUMBAI/BEIJING Two major Chinese lenders plan to support a move by China Development Bank to put Indian wireless carrier Reliance Communications (RCom) into insolvency court as they seek to recover about $2 billion in debt, said three people with knowledge of the matter.
BRIEF-Reliance Communications Says Fortuna Public Relations Files Petition Against Co For Certain Bills
* CLARIFIES ON NEWS ITEM REGARDING INSOLVENCY PLEA AGAINST CO FOR 4.4 MILLION RUPEES
(The following statement was released by the rating agency) SINGAPORE/HONG KONG, December 05 (Fitch) Fitch Ratings has withdrawn India-based Reliance Communications Limited's (Rcom) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'Restricted Default' (RD) and the rating on Rcom's USD300 million 6.5% senior secured notes due 2020 of 'C' with Recovery Rating of 'RR4'. KEY RATING DRIVERS Fitch has chosen to withdraw the ratings on Rcom for commercial reasons. Accordingly, Fitc
MUMBAI, Dec 4 Fortuna Public Relations Pvt. Ltd has filed an insolvency petition against phone carrier Reliance Communications Ltd over a claim for unpaid dues of 4.4 million rupees ($68,000), a lawyer representing the public relations firm said on Monday.
* Decision taken after lenders' meeting on Wednesday (Adds detail on debt restructuring, background)
* SAYS MOST OF CO’S LENDERS DECIDED TO OPPOSE CDB'S INSOLVENCY PETITION AGAINST CO BEFORE NCLT, MUMBAI
* CDB says filed insolvency proceedings against RCom on Friday
BRIEF-China Development Bank confirms it has filed insolvency case against India's Reliance Communications
* SAYS SAYS CONFIRMS IT HAS FILED INSOLVENCY CASE AGAINST INDIA'S RELIANCE COMMUNICATIONS
MUMBAI, Nov 28 Reliance Communications Ltd's shares fell sharply on Tuesday morning after media reported that China Development Bank was pursuing insolvency proceedings against the company.