GTL Infrastructure: GTL Infra says lenders exploring sale of debt to ARCs

Mumbai: Tower firm GTL Infrastructure, hit by a lack of Rs 1845.89 crore for the March ended quarter, mentioned its lenders need to scale back their publicity to the corporate by promoting the debt to asset reconstruction corporations (ARC), which deal in shopping for dangerous debt.

“…in view of the latest sector developments, choices to proper measurement the debt both by an ARC debt sale course of initiated by lenders or in accordance with the revised RBI pointers dated February 12, 2018 are being envisaged,” mentioned the tower firm which has been severely damage by the consolidation within the telecom business.

GTL Infra has expanded its losses from Rs 90.44 crore a 12 months in the past and Rs 19.70 crore within the December finish quarter. Its debt for the March finish quarter stood at Rs 4150 crore.

The tower firm’s income dropped by about 32% to Rs 430.09 crore for the January-March quarter on account of consolidation within the sector which incorporates mergers resulting in lowered tenancies, shut down of operations of some and Aircel, its largest tenant, submitting for chapter.

Shares of GTL Infrastructure closed at Rs 2.02 a chunk, down 1.94% on the BSE on Tuesday.

The tower firm had earlier mentioned in courts that Aircel owes it greater than Rs 1000 crore. Nationwide Firm Regulation Tribunal (NCLT) on March 8 admitted Aircel’s plea for chapter safety weighed by debt of some Rs 50,000 crore.

“It stays unclear whether or not any restructuring or revival (of Aircel) can be doable and the result of the insolvency proceedings stays to be seen. The corporate believes that it has binding long run contractual lock in preparations with Aircel and accordingly as a step in direction of restoration of its dues, the corporate has filed its declare earlier than the Insolvency Decision Skilled (IRP) at Gurgaon towards Aircel Restricted,” mentioned GTL Infrastructure in its regulatory submitting on Tuesday.

GTL Infrastructure mentioned that it has performed an impairment check based mostly on present expectations of the impression of the Aircel’s determination to file for voluntary insolvency, shutting down of enterprise by Reliance Communications (Rcom), SSTL and consolidation amongst operators Vodafone-Concept, Telenor-Bharti and many others. on projected money flows in tower enterprise.

“The carrying value of those belongings exceeds its worth in use and accordingly impairment lack of Rs. 1414.20 crore and Rs. 1420.16 crore (together with Rs 591.95 crore in direction of intangible belongings/buyer contracts) has been acknowledged for the quarter and 12 months ended March, 2018 respectively” and acknowledged as distinctive merchandise.

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