Moneycontrol PRO
Upcoming Event:Join us for New HorAIzon from Oct 6-7, 2pm and be a part of exciting conversations on tech & innovation
you are here: HomeNewsBusiness

Aircel delays debt repayments: CARE

Aircel, the sixth-ranked mobile carrier in the country by subscribers, has delayed payment of interest on its debt obligations on account of its "weak liquidity position," CARE said in a Nov. 16 note.

November 17, 2017 / 01:58 PM IST

Telecom operator Aircel Ltd has delayed payment of interest on its debt obligations, ratings agency CARE said and downgraded its rating on the company's bank facilities to default.

Aircel, the sixth-ranked mobile carrier in the country by subscribers, has delayed payment of interest on its debt obligations on account of its "weak liquidity position," CARE said in a Nov. 16 note.

Aircel, 74 percent owned by Malaysia's Maxis Communications Bhd, had plans to combine operations with rival carrier Reliance Communications' (RCom) wireless unit. That deal fell apart last month.

RCom has won a reprieve from its creditor banks on its debt repayment obligations until December 2018 under a restructuring plan, having delayed servicing the loans.

Aircel has long-term bank loans of 174.79 billion rupees ($2.7 billion), CARE said.

Close
Aircel was not immediately reachable for a comment.
Reuters
first published: Nov 17, 2017 01:52 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark