Jain Irrigation hasn’t received any recall notices from its dollar bondholders, a representative said in an email reply to a Bloomberg News
query. Advisory firm Brescon & Allied Partners LLP has been appointed the restructuring consultant by the lenders and the firm will honor its financial obligation toward its bondholders on the due date, the company said.
Delayed collection of government receivables and erratic monsoons in India continue to stress Jain Irrigation’s cash flows, according to S&P.
The company’s financial stumble comes after a unit of Reliance Communications filed for bankruptcy protection last month, as a funding crunch due to turmoil in the shadow banking system
sours sentiment in the country’s debt market.