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Debt ridden Aircel set to file for bankruptcy: Reports

Update: The Economic Times has reported that Aircel, along with its units-Aircel Cellular and Dishnet Wireless, has filed for bankruptcy in the National Companies Law Tribunal in Mumbai on Wednesday. "Post detailed discussions with the financial lenders and shareholders, the company could not reach consensus with respect to restructuring of its debt and funding," Aircel reportedly said in a statement. The Telecom Regulatory Authority of India (TRAI) has directed Aircel to issue additional unique porting codes to allow its subscribers the facility to switch service providers. Earlier: Telecom company Aircel is reportedly set to file for bankruptcy at the National Company Law Tribunal (NCLT) and its board has been dissolved ahead of the move. This development has been reported by the Economic Times. The impending bankruptcy and the upcoming merger between Vodafone and Idea will mean that the mobile telecom business in the country could be left with only 3 major private players. Aircel's Malaysian parent company Maxis had earlier proposed a cash infusion to support the debt-laden company but has pulled the plug, the ET report says quoting an anonymous source. In January, Aircel had tried to enter a strategic debt restructuring (SDR) process where lenders led by State Bank of India agreed to take shares in Aircel to replace their loans and recover their dues in an eventual sale of assets of the company. “There is no cash to run the business and no visibility to free any more up,” an individual familiar to the matter told ET, adding…

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