|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||14.00 - 14.95|
|52 Week Range||14.00 - 36.15|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Reliance Communications (RLCM.NS) said it was in advanced talks with Ericsson (ERICb.ST) to resolve "commercial issues", after two sources indicated it was currently uncertain if the firms' discussions over dues would lead to an out-of-court settlement. Earlier this week, India's bankruptcy court admitted a plea by the Swedish telecom gearmaker seeking insolvency resolution against debt-laden Reliance Communications (RCom) over unpaid service dues, potentially derailing the company's plans to sell assets to larger rival Reliance Jio. Ericsson, which signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecoms network, is seeking 11.55 billion rupees (126 million pounds) from RCom and two of its subsidiaries.
The Supreme Court on Thursday lifted a high court stay on sale of the company's assets including media convergence nodes (MCNs), spectrum and real estate, allowing its secured lenders to proceed with the sale. The National Company Law Tribunal had prevented RCom from selling any asset without its permission, following a legal challenge from Swedish telecoms gear maker Ericsson, seeking payment of unpaid dues of 11.55 billion rupees ($177.7 million) by RCom and two of its units.
The top court also directed the company and its secured lenders to file an appeal before the National Company Law Appellate Tribunal (NCLAT) on a stay granted by an arbitration court on the sale of RCom's tower and fibre assets. RCom will file an appeal on Friday and it is "confident of securing appropriate relief from the NCLAT to enable sale of tower and fibre assets to also be completed at the earliest," the company said in a statement https://bit.ly/2q6T4Fk. The National Company Law Tribunal had prevented RCom from selling any asset without its permission, following a legal challenge from Swedish telecoms gear maker Ericsson, seeking payment of unpaid dues of 11.55 billion rupees ($177.7 million) by RCom and two of its units.
Holders of the debt-laden telecom operator's $300 million bonds have also approved the monetisation of other real-estate assets, RCom said in a statement. RCom also got approval for the partial release of noteholder collateral to help the sale get underway, the company said, adding the proceeds would be used for partial redemption of notes. RCom last week had moved the Supreme Court in a desperate attempt to complete the asset sale and to also avoid going to the National Company Law Tribunal, according to a report in The Economic Times.
India's Reliance Communications Ltd (RCom) will appeal a court order that stays the sale of some telecom assets of one of its units, the company said in a statement on Monday. The National Company Law Tribunal, India's designated court for bankruptcy cases, on Monday stayed the sale of assets of Reliance Infratel Ltd in response to a petition filed by HSBC Daisy Investments (Mauritius) Ltd, local media reported. RCom will file an appeal before an appellate tribunal challenging the stay, a company spokesman said, adding that the stay only pertained to the firm's tower and fibre assets.
India's Reliance Communications Ltd (RCom) said on Tuesday it had appealed at the Bombay High Court against a ruling by an arbitration tribunal that barred the indebted firm from selling assets without the tribunal's permission. The tribunal's ruling threatens RCom's plans to reduce its $7 billion debt to Indian and foreign banks by selling assets such as airwaves, mobile masts and fibre optic investments. RCom said it aimed to safeguard the interests of secured creditors by appealing against the tribunal's interim order, which was issued on March 5 after Swedish telecom gearmaker Ericsson filed a case seeking payment of unpaid dues.
REUTERS - Debt-laden Reliance Communications Ltd (RLCM.NS) said on Friday its shareholders approved its asset sale plan, under which the telecoms carrier would sell its wireless assets to Reliance Jio ...
REUTERS - Debt-laden telecoms carrier Reliance Communications Ltd (RLCM.NS) will hold a meeting of its bondholders on March 6 to seek approvals for asset-sale plans, the company said in a regulatory filing ...
RCom, controlled by businessman Anil Ambani and once India's second-biggest phone carrier, has faced a string of bankruptcy proceedings in recent months over unpaid dues. To raise funds and help repay what it owes, RCom announced plans to sell most of its wireless assets to another carrier Reliance Jio Infocomm Ltd owned by Mukesh Ambani - India's richest person and Anil Ambani's older brother.
India's Reliance Communications Ltd outlined on Tuesday a plan to cut its debt by 390 billion rupees ($6.09 billion) underpinned by the sale of assets for which some non-binding offers had already been made. Reliance Communications (RCom) said on Tuesday it would involve no write-offs to lenders or bondholders, nor conversion of debt to equity. The firm will exit the "strategic debt restructuring" process that allows lenders to conduct takeovers by swapping loans for equity, Anil Ambani, the businessman backing the company, told a news conference on Tuesday.
REUTERS - Telecom operator Reliance Communications Ltd (RCom) said on Monday it signed an agreement to sell its non-core Direct-to-Home business, in a bid to reduce debt load. Veecon Media & Television ...
Debt-laden Indian telecoms network operator Reliance Communications Ltd (RCom) said on Wednesday it will concentrate on offering a 4G mobile broadband service in a bid to turn the heavily indebted business around. As part of the plan RCom said its 4G services will run through an existing deal to share radio spectrum with Reliance Jio, the 4G network owned by Reliance Industries which sparked a price war when it opened for business last year. Reliance Industries is controlled by Mukesh Ambani, the older brother of RCom's main owner Anil Ambani.