INSUBCONTINENT EXCLUSIVE:
Anil Ambani-controlled Reliance Naval - Engineering said recently it is facing an acute cash-flow crunchA unit of Reliance Communications
Ltd., Anil Ambani's distressed telecom firm, has filed for bankruptcy protection.GCX Ltd., which owns the world's largest private undersea
cable system, is the latest company owned by the tycoon to stumble
The former billionaire's Reliance Communications itself fell back into bankruptcy earlier this year
The move by subsidiary GCX comes after it missed payment on its $350 million of 7 per cent bonds that matured on August 1.Mr Ambani has been
waging a war on debt, and Reliance Group has said that it planned to raise about Rs 21,700 crore ($3.1 billion) by selling assets from roads
shadow-banking crisis and hurdles in bankruptcy rules are set to prolong that struggle.Reliance Naval - Engineering Ltd., another firm
controlled by Mr Ambani, said recently it is facing an acute cash-flow crunch after orders dried up amid efforts to restructure a pile of
debt.GCX said in July that it had reached a forbearance pact with holders that provided additional time to discuss options related to the
Moody's Investors Service cut its rating on the firm to Ca last month, as it considered the missed payment on the $350 million bonds a
default.GCX along with other associates filed for Chapter 11 bankruptcy protection at the Delaware court, according to a court filing.Get
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