Sai Jai
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Malaysian parent company Maxis, run by businessman Ananda Krishnan, had earlier proposed a cash infusion to support the debt-laden company but has pulled the plug, said one of the people.
The company has been in negotiations with lenders since September but has failed to hammer out a recast of its Rs 15,500 crore debt.
“There is no cash to run the business and no visibility to free any more up,” said another person, adding that the company is likely to stop paying salaries by the end of the week.
But Aircel declined to comment.
Debt-laden Aircel to file for Bankruptcy at NCLT - ET Telecom
The company has been in negotiations with lenders since September but has failed to hammer out a recast of its Rs 15,500 crore debt.
“There is no cash to run the business and no visibility to free any more up,” said another person, adding that the company is likely to stop paying salaries by the end of the week.
But Aircel declined to comment.
Debt-laden Aircel to file for Bankruptcy at NCLT - ET Telecom