Another company owned by Anil Ambani has filed for bankruptcy. GCX, a unit owned by Reliance Communication (RCom) has filed for bankruptcy protection.
GCX owns the world’s largest private undersea cable system. GCX has filed bankruptcy after it missed payments on its $.350 million of 7% bonds. These bonds had matured on August 1.
Earlier the RCom itself has filed bankruptcy. Former billionaire Anil Ambani has been trapped in debt as his Rcom has faced financial problems.
Reliance has earlier made it clear that it is planning to raise about Rs.217 billion by selling all its assets from roads to radio stations. By this move the RCom is thinking to cut its debit.