Tulip Telecom in talks to restructure debt
Indian operator Tulip Telecom is in talks with lenders to restructure its long-term debt following its default on its $140 million convertible bond redemption in August 2012.
Wholesale operator Tulip, which designs and builds networks for large enterprise companies, is discussing its payment details with banks, and could extend its repayment period to ease its debt burden.
The company had consolidated debt of $553 million at the end of September 2012, and the company did not reveal how this amount would be altered as a result of the restructure.
There are a range of Indian companies which are turning to corporate debt restructuring to ease repayment terms in a volatile economic environment.