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RCOM’s bondholders approve sale of assets to RJIL and monetisation of real estate

March 21, 2018

Reliance Communications (RCOM) has received approval from bondholders holding $300 million worth of bonds for the sale of its assets to Reliance Jio Infocomm Limited (RJIL) as well as the sale of the company’s real estate assets. Further, the bond holders have also accepted to receive pre-payment of a portion of the bonds that were due for maturity in 2020.

According to RCOM, the company’s bondholders have approved the sale of assets to RJIL and the monetisation of other real estate assets. Additionally, the bondholders have also approved release of their security on the company’s assets and to accept part prepayment of their outstanding bonds.

The bonds were issued in May 2015 at 6.5 per cent interest and were due to mature in 2020. Initially, the company had called for the meeting on February 12, 2018.  The company added that majority of bond holders in London had voted in favour of approving resolutions, which allow RCOM to sell assets including spectrum, tower, optical fibre network and other wireless infrastructure, to RJIL, and other real estate assets in order to pare debt.

However, there is a lot of confusion regarding the asset sale process at present due to an arbitration court order barring the sale of assets without prior permission, in response to a plea made by Ericsson against RCOM over recovery of dues.

 

 
 

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