RCom postpones $300 mn bond holders' meet to Mar 20

Debt-ridden telecom firm Reliance Communications today said it has adjourned meeting of holders of its USD 300 million senior secured bonds for "want of quorum" and will now be held on March 20, 2018.
"...the meeting of the holders of US$ 300 million Notes scheduled to be held on March 6, 2018 stands adjourned for want of quorum and will be held on March 20, 2018," RCom said in a regulatory filing.
The company had called a meeting on March 6 of the holders of its USD 300 million senior secured bonds for considering certain proposals, relating to asset monetisation.

The company had issued USD 300 million worth senior secured notes, secured at 6.5 per cent and due in 2020.
A recent order by an Arbitration Tribunal between RCom and Ericsson has added to woe of the Anil Ambani led firm by restraining it from sale or transfer of assets.
RCom has approached Bombay High Court against the interim order of the tribunal.

Early this month, RCom had skipped payment of debentures worth Rs 375 crore which was due on February 7.
"The company has not made payment of 3rd instalment of Rs 375 crore of principal on NCD's (non-convertible debentures) which was due on February 7, 2018," RCom had said in a regulatory filing.

It said the company is in strategic debt restructuring (SDR) invoked by JLF (joint lenders forum comprising holders of Non Convertible Debentures) and that no record date shall be fixed for payment on NCDs.