Aircel lenders' approve UV ARC bid taking 99% haircut: L&L, CAM, SAM represent

Bar & Bench May 30 2019
Aircel lenders approve UV ARC bid

UV Asset Reconstruction Company Ltd (UV ARC) has received approval of the lenders to Aircel Ltd to buy the debt-laden telecom company as well as its units Aircel Cellular Ltd and Dishnet Wireless Ltd for Rs 150 crore.

The Committee of Creditors (CoC) of Aircel approved UV ARC's offer with a nearly 74% vote. UV ARC will pay the entire amount upfront.

Aircel owed Rs 19,788 crore ($2.79 billion) to its financial creditors as of February this year. Since . . .

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