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Aircel’s lenders approve UVARCL proposal to acquire the insolvent telco

May 20, 2019
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Aircel’s lenders have approved a proposal of from UV Asset Reconstruction Company (UVARCL) to takeover the bankrupt operator.

The financial creditors are likely to recover 15-20 per cent of loans they extended to Aircel, indicating a sharp haircut.

UVARCL has offered Rs 1.5 billion upfront and additional proceeds from the successful running of the bulk SMS and enterprise businesses. The asset reconstruction company will take the business as a going concern and run the smaller businesses like bulk SMS and enterprise. The rest of the assets will be sold and that money too will go to the lenders. The recovery will take 12-36 months.

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