 "Lenders approve GTL's debt recast plan, stock up 11%")
Debt-laden telecom infrastructure company GTL Ltd has received lenders’ approval for a Corporate Debt Restructuring (CDR) proposal, two sources close to the development told Reuters.
Post the announcement, GTL stock is trading higher by 11.27 percent at Rs 71.
The meeting of the lenders was held on Monday, one of the sources said.
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GTL and another group company, GTL Infrastructure Ltd, are embroiled in a debt restructuring exercise with 25 lenders. GTL has debts of about Rs 6,000 crore and GTL Infrastructure has debts of about Rs 11,000 crore , according to IFR.
GTL Limited (GTL) is a Network Services Company that serves the Network Life-Cycle requirements of Telecom Service Providers and Technology Providers (OEMs), globally.
Reuters