19 April 2018
| Alan Burkitt-Gray
Indian mobile operator Aircel, which was owned by Malaysia’s Maxis, may be brought back to life, according to reports from the country.
The Economic Times says that the company’s
committee of creditors is looking at plans to start operations
in a few markets and is looking for funding.
According to yesterday’s report, the plan is a
long way from success. It quotes an unnamed member of the
committee of creditors as saying no funding is available from
Maxis, but the source does not know who might back the project.
"It’s a blank slate right now." No decision has
been taken about which markets the efforts should focus
Aircel, one of the smallest operators in the Indian market
until major restructuring started last year, went into
bankruptcy protection in March this year.
At one stage last year Reliance Communications (RCom) was
planning to take over the business, but eventually RCom pulled
out of mobile communications entirely and sold its spectrum and
towers to the unrelated Reliance Jio.
Deloitte, which is in control of the bankruptcy process,
refused to comment to the Economic Times. Aircel owes employees
and suppliers, including Ericsson. The company owes 500 billion
rupees ($750 million).