Deals
GTL Creditor Said to Delay Seizure of Stake Amid Debt Revamp
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A lender to India’s GTL Ltd. agreed to delay a plan to seize shares pledged by the company’s owners as collateral while creditors try to revamp its $1.1 billion debt, said two people with direct knowledge of the talks.
State-run lenders to GTL, a maker of telecommunication equipment, persuaded Syndicate Bank not to exercise its rights to the shares, the people said, declining to be identified because the discussions are private. Controlling shareholders of GTL have pledged more than 20 percent of the company as collateral for a loan from the Bangalore-based Bank, they said.