, Columnist
Singapore Bondholders Get Tough
Tata bears the brunt as burned creditors become wary of changes to terms.
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Singaporean bondholders aren't the pushovers they used to be. The company to find that out is a unit of Tata Group, as if the controversy-plagued Indian conglomerate needed any more trouble.
On Tuesday, Tata International Singapore Ltd. extended a deadline for bondholders to agree to let the company buy back its perpetual securities immediately at 100 cents on the dollar, instead of in 2019 as the original contract stated. Tata plans to replace the Singapore dollar debt with similar securities denominated in U.S. currency.