Anil Ambani’s Reliance Communication Ltd telecom firm in which one of the units filed for bankruptcy protection. GCX which owns the world’s largest private undersea cable system is the latest company owned by the tycoon to stumble.
The former billionaire’s Reliance Communications itself fell back into bankruptcy earlier this year. This Move came after they missed A payment on its $350 million of 7 per cent bonds that matured on August 1.
The Reliance Communication has been waging a war against debt for a long time, and Reliance group said that they had planned to raise capital Rs 21,700 crore by selling the assets from roads to radio stations in a bid to cut borrowings.
Another Company controlled by Reliance Naval & Engineering Ltd said recently it is facing an acute cash-flow crunch after they stopped receiving enough order to restructure the pile of debt. GCX along with other associates filed for Chapter 11 bankruptcy protection at the Delaware court, according to a court filing.