According to the Norway-based telecom operator Telenor ASA the lenders of Uninor, have issued default notices to the firm, say news reports.
According to latest quarterly result statement issued by Telenor, as of July 23, 2012, Telenor ASA has received total guarantee claims of Rs 33.82 billion and default notice from most of the lenders. With one of the lenders turning down the request for an extension of borrowings given to Uninor and asking for payment under the Telenor ASA guarantees, Telenor ASA faces the scenario of cross-default under the loan agreements.
As of June 30, 2012, Uninor had Rs 90.19 billion in current interest-bearing borrowings, with financial guarantees from Telenor ASA. Uninor?s loan agreements comprise bank loan provisions coupled with material adverse effect clauses. As of June 30, 2012, Uninor had NOK 1.1 billion in bank guarantees from the State Bank of India with counter guarantee from Telenor ASA.
