Subex, a leading global provider of business support for communication service providers, has received RBI’s approval for the extension of the maturity period of all the outstanding FCCBs to July 9, 2012. This extension was sought by the company to have adequate time to complete the restructuring activity that it is undertaking with the existing bond holders. The company has convened meeting of bond holders on March 6, 2012, for the approval of this extension.
The complete restructuring of the FCCBs with the existing bond holders has been contemplated as a two step process by the company, as SUBEX will need 3-4 months to complete the plan. The first step, which is extension to maturity period, will give the company adequate time for the completion of second step. The second step is expected to result in some of the bonds getting converted to equity thereby reducing the overall debt of the company, resulting into the improvement of its debt to equity ratio. The completion of the second stage is also expected to strengthen the company’s balance sheet.
Subex is a leading global provider of business support systems that empowers communication service providers to achieve competitive advantage through Business Optimization-thereby enabling them to improve their operational efficiency to deliver enhanced service experiences to subscribers.
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