Rolta India unable to perform under restructuring support agreement

By Caroline Salls

Pittsburgh, Aug. 7 – Rolta India Ltd. has informed an informal committee of the holders of its $300 million of 8 7/8% senior notes due 2019 and $200 million of 10 ¾% senior notes due 2018 that it will be unable to perform its obligations under a second restructuring support agreement, according to a news release.

The company said it will not be able to perform under the agreement, which it entered on July 17, “due to unforeseen circumstances.”

As a result, the Rolta group said it expects the committee to terminate the support agreement.

As previously reported, the restructuring was expected to be implemented through a pre-packaged Chapter 11 plan, the solicitation process for which was expected to begin on or before Aug. 6.

Rolta India is a technology services company based in Mumbai.

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