Reliance Communications Approaches Three Chinese Banks For Loan Waiver
Reliance Communications has borrowed $925 million from these banks.
Reliance Communications Ltd. has approached three of its Chinese lenders seeking a waiver on the interest payable on loans worth close to $1 billion till September, Bloomberg reported citing people familiar with the matter.
China Development Bank, Industrial and Commercial Bank of China and Export-Import Bank of China are reviewing Reliance Communications' proposal to waive interest payments but are yet to take a decision, the people said, requesting anonymity since they were not authorised to speak publicly.
Reliance Communications has borrowed $925 million from these three banks and the term gets over in 2019, according to Bloomberg data.
The telecom operator’s debt rating has been downgraded to high risk or default category by three rating agencies so far.
