Billionaire Anil Ambani controls mobile phone operator Reliance Communications
The first default on US dollar bonds by an Indian company in 15 months may become a closely-watched test case for how international creditors will fare under the country’s new bankruptcy laws.
Reliance Communications Ltd., the mobile phone operator controlled by billionaire Anil Ambani, failed to pay a coupon on its 2020 dollar notes before the expiry of a grace period on Monday, according to a person familiar with the matter. It’s India’s most high-profile default on international debt since the nation’s insolvency and bankruptcy code was passed in May 2016.
The new rules, part of Prime Minister Narendra Modi’s push to make…
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