The Indian mobile operator Aircel has filed for bankruptcy after failing to reach a deal on restructuring its debt with its lenders and main shareholder, Malaysian operator Maxis. The insolvency proceedings cover the companies Aircel, Aircel Cellular and Dishnet Wireless.
Aircel last year tried to merge with Reliance Communications, but the agreement lapsed without completion after RCom also ran into debt problems. Since then Aircel has struggled to compete with the much bigger operators in the market and the arrival of the new competitor Reliance Jio, which has dragged down prices in India.
Aircel said the aim is to reach a solution for all parties involved, not liquidate the company. It will also try to maintain services to customers while administrators seek a solution for the company.
