Rcom de­faults on dol­lar debt

Mint ST - - THE BRIEFING -

Hong Kong: The first de­fault on US dol­lar bonds by an In­dian com­pany in 15 months may be­come a close­ly­watched test case for how in­ter­na­tional cred­i­tors will fare un­der the coun­try’s new bank­ruptcy laws. Re­liance Com­mu­ni­ca­tions Ltd, the In­dian mo­bile phone op­er­a­tor con­trolled by bil­lion­aire Anil Am­bani, failed to pay a coupon on its 2020 dol­lar notes be­fore the ex­piry of a grace pe­riod on Mon­day, ac­cord­ing to a per­son fa­mil­iar with the mat­ter. It’s In­dia’s most high-pro­file de­fault on in­ter­na­tional debt since the na­tion’s in­sol­vency and bank­ruptcy code was passed in May 2016. The com­pany’s shares and bonds fell to record lows. PAGE 1

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