Jaiprakash Power Ventures writes to bondholders, announces default on convertible bonds

However, the company said that it was confident of its ability to pay all the amounts due under the Convertible Bonds on or before March 31, 2016.

Jan 28, 2015 03:01 IST India Infoline News Service

In a letter to its bondholders, Jaiprakash Power Ventures has said that the company is likely to default on payments for convertible bonds worth $200 million due on Feb 13 this year, as it could not generate enough revenue from its operations.

However, the company said that it was confident of its ability to pay all the amounts due under the Convertible Bonds on or before March 31, 2016.

Jaiprakash Power also said that due to unforseeable circumstances like cancelling of coal blocks by Supreme Court, the company has performed below expectations in top line and bottom line. 

Related Story