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More Chinese lenders likely to pursue RCom in insolvency court

Last month, CDB began insolvency proceedings against RCom, which has been trying for months to restructure its debt via a debt-for-equity swap

Reuters  |  HONG KONG/MUMBAI/BEIJING 

Two major Chinese lenders plan to support a move by China Development Bank to put Indian wireless carrier Reliance Communications (RCom) into insolvency court as they seek to recover about $2 billion in debt, said three people with knowledge of the matter. Last month, CDB began insolvency proceedings against RCom, which has been trying for months to restructure its debt via a debt-for-equity swap. Now, Industrial and Commercial Bank of China (ICBC), the country's biggest-listed lender by assets, and Export-Import Bank of China, plan to back CDB, the sources said. The combined ...

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First Published: Wed, December 06 2017. 08:08 IST
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