TeleCanor Global’s Settlement Falls Apart: Loan Status Reverts Amid Financial Struggles

TeleCanor Global Ltd. defaulted on the terms of its settlement agreement with Phoenix ARC, and thus the agreement was revoked and the loan reverted to its original position. The agreement, which was initially intended to settle payments, was to extinguish ₹2.25 crore of payments, but absence of funds for implementation delayed it.

 

Key Highlights:
TeleCanor Global is not able to satisfy settlement terms with Phoenix ARC.

 

Reverts loan amount to the amount originally due.

 

Company is under new financial stress during restructuring.

 

Board to explore other debt settlement alternatives.

 

Stock volatility anticipated on announcement.

 

With the settlement voided, TeleCanor Global is now again in fiscal uncertainty, and investors eagerly wait for impending boardroom rulings.

 

Source: Rediff Money | Business Standard | Economic Times