Largest Indian restructuring nears end
By Shankar Ramakrishnan
Aug 2 (IFR) – A light is shining at the end of the tunnel for Indian telecom tower company GTL Infrastructure. After a drawn-out restructuring process, GTL is close to finalizing a cashless exchange offer with holders of its US$228.3m foreign currency convertible bonds.
Bondholders have approved a restructuring proposal tabled by GTL’s advisers Houlihan Lokey and Avista Advisory, leaving a resolution likely before mid-September if the Reserve Bank of India….”