Vedanta Resources faces a moment of reckoning this week as billionaire Anil Agarwal‘s miner seeks approval for a proposal that could help it buy more time to honour its debt liabilities.
Bondholders have until January 2 to give early consent on a plan to push out due dates on $3.2 billion in bond repayments – a move that prompted S&P in December to cut the company’s rating deeper into junk.Vedanta needs a green light from at least two-thirds of the bondholders to proceed.
Bondholders have until January 2 to give early consent on a plan to push out due dates on $3.2 billion in bond repayments – a move that prompted S&P in December to cut the company’s rating deeper into junk.Vedanta needs a green light from at least two-thirds of the bondholders to proceed.