‘Final attempt’ to breathe life into India’s bankrupt Aircel
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 on
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).