MUMBAI: Swedish telecom equipment maker Ericsson has moved Delhi High Court against Aircel and its units for recovery of arrears worth Rs 251.40 crore, becoming the third company to demand payment for services from the bankrupt operator."We have been given to understand that an order passed in the National Company Law Tribunal ( NCLT ) accepting bankruptcy was only for Aircel Ltd and does not include its units Aircel Cellular and Dishnet Wireless. Since Ericsson was providing services to all three companies, the petition for recovery of dues is from all three firms," Ericsson’s counsel Anil Kher said.Aircel didn’t respond until press time Monday to ET's queries sent late on Sunday night.NCLT's Mumbai bench had accepted Aircel's bankruptcy petition 12 days ago, when the Chennai-based operator, along with Dishnet Wireless and Aircel Cellular, filed for bankruptcy after over four months of attempts to settle the matter with lenders. Banks had accepted the company’s request to undertake strategic debt restructuring. But the Reserve Bank of India’s decision to scrap loan recast schemes left Aircel with no option but to file for bankruptcy under the Insolvency & Bankruptcy Code.The company, owned by Malaysia’s Maxis , and its units have debt of Rs 50,000 crore which includes Rs 19,889 crore owed to operational lenders, such as Ericsson.Tower firms GTL and American Tower Corp had earlier moved the Delhi High Court to recover Rs 912 crore and Rs 224 crore, respectively, from Aircel. Idea Cellular and Vodafone India have stopped accepting calls to their subscribers from the Aircel network due to non-payment of interconnection fees. Aircel owes some Rs 60 crore to Idea. It unclear how much it has to pay to Vodafone.This will be the second major legal battle that Ericsson is waging to recover its dues. It has previously succeeded in getting an arbitration tribunal to temporarily halt the sale of most of Reliance Communications' wireless assets to Reliance Jio Infocomm. Ericsson is trying to recover over Rs1,000 crore from RCom. </s> The fierce battle for India's hundreds of millions of mobile users has claimed another casualty.

Aircel, the country's fifth-largest wireless operator with around 85 million subscribers, filed for bankruptcy on Wednesday, the latest company in an increasingly cutthroat industry to throw in the towel.

The firm, owned by Malaysian communications group Maxis, said it was folding in the face of "troubled times in a highly financially stressed industry." Those troubles include "legal and regulatory challenges, high level of unsustainable debt and increased losses," it said in a statement.

It also blamed "intense competition following the disruptive entry of a new player."

Related: India is poised for a smartphone revolution

That disruptive new entrant is Reliance Jio, the $20 billion network founded by India's wealthiest man, Mukesh Ambani. Soon after launching in September 2016, Jio offered its customers free 4G for the first six months. The network raced to 160 million subscribers by the end of 2017.

Ambani's big splash left major competitors scrambling to compete, and slashing their prices in the process. It forced some players to merge: The Indian arm of Vodafone (VOD) hooked up with local competitor Idea Cellular, while market leader Bharti Airtel joined forces with Norway's Telenor (TELNF).

Others threw in the towel and quit the industry altogether, including Reliance Communications -- the company owned by Ambani's younger brother, Anil.

He sold Reliance Communications' mobile business to Reliance Jio in December.

Related: India's richest man buys brother's mobile business after pricing him out

Aircel had tried combining its operations with the younger Ambani's firm in September 2016 but called off the merger a year later over what it described on Wednesday as "various issues and hurdles."

Now, both firms can only sit and watch as the survivors fight for a slice of India's red-hot mobile market. </s> Troubled electronics retailer RadioShack has filed for bankruptcy for the second time in just over two years.

The Fort Worth, Texas-based retailer filed its petition in bankruptcy court in Delaware on Wednesday.

The company says it's closing about 200 stores and evaluating options on the remaining 1,300.

Troubled electronics retailer RadioShack has filed for bankruptcy for the second time in just over two years. The Fort Worth, Texas-based retailer filed its petition in bankruptcy court in Delaware on Wednesday, March 8, 2017

In a statement, RadioShack President and Chief Executive Officer Dene Rogers said since the company's bankruptcy filing in 2015, the retailer had made progress in stabilizing operations, including reducing operating expenses by 23 percent.

But Rogers says several reasons, including a partnership with wireless carrier Sprint that proved not to be as profitable as expected, prompted the latest bankruptcy filing.

General Wireless, part of hedge fund Standard General, acquired the RadioShack trademark and many of its stores after its 2015 bankruptcy. </s> The largest U.S. radio station owner, iHeartMedia, has filed for Chapter 11 bankruptcy as it "struggles with $20 billion in debt and falling revenue at its 858 radio stations," reports Reuters. The company has reportedly reached an agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which will reduce its debt by more than $10 billion. From the report: </s> Air India ran losses for nearly a decade after a botched merger in 2007 and has debts of around USD 7.67 billion as per govt figures.

Once country's monopoly airline, Air India has slowly lost market share to new low-cost private players in one of the world's fastest-growing airline markets. (Photo: File)

Mumbai: Jet Airways on Tuesday became the latest major airline to rule out a bid for debt-laden national carrier Air India in a new blow to the government's privatisation plans.

The announcement came just days after rival IndiGo pulled out of the race to acquire Air India's operations meaning the government now has no clear front-runner in the sale campaign.

"We welcome the government move to privatise Air India. It is a bold step," Jet Airways' deputy chief executive, Amit Agarwal said in a statement emailed to news agency AFP.

"However, considering the terms of offer in the information memorandum and based on our review, we are not participating in the process," he added.

Once country's monopoly airline, Air India has slowly lost market share to new low-cost private players in one of the world's fastest-growing airline markets.

Also Read: IndiGo pulls out of race to acquire national carrier Air India

Air India ran losses for nearly a decade after a botched merger in 2007 and has debts of around USD 7.67 billion according to government figures.

It has received USD 5.8 billion in bailout funds from the government but needs even more working capital to turn it around, experts say.

The government recently said it wanted to sell a 76 per cent chunk of the struggling carrier.

It released bid documents on what would be one of the country's highest-profile asset sales in decades showing it wants the prospective buyer to take on all of Air India's operations.

IndiGo, the country's largest airline, withdrew on Friday, saying it was interested only in Air India's international routes and not its domestic operations.

India is the world's fastest-growing passenger airline industry, expanding at an annual rate of around 20 per cent.

About 100 million Indians took to the skies in 2016 and airlines have embarked on huge purchases of new jets in expectation of new growth. </s> Firearms maker Remington Outdoor Co. sought bankruptcy protection Sunday, in the face of a heavy debt load, falling sales and lawsuits tied to Sandy Hook school shooting.

Remington filed for chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del., with plans to hand over control of the company to its creditors — including Franklin Resources Inc. BEN, -1.66% and JPMorgan Chase & Co.’s JPM, -2.67% asset-management division — in exchange for wiping much of its debt from its balance sheet.

The chapter 11 filing, announced last month, was delayed after a Feb. 14 school shooting in Parkland, Fla., that left 17 dead and reawakened the national debate surrounding gun regulations, people familiar with the matter told The Wall Street Journal.

Founded in 1816, Remington is one of America’s oldest and largest gun and ammunition manufacturers. The Madison, N.C., company plans to continue operations and paying its vendors and employees while under bankruptcy protection.

An expanded version of this report appears on WSJ.com.

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5G wireless will redraw the wireless industry map: Who stands to lose? </s> Electronics retailer RadioShack has filed for bankruptcy protection for the second time in just over two years.

The Fort Worth-based retailer filed its petition in bankruptcy court in Delaware on Wednesday.

The company says it's closing about 200 stores and evaluating options on the remaining 1,300.

In a statement, RadioShack President and Chief Executive Dene Rogers said that since the company's bankruptcy filing in 2015, the retailer had made progress in stabilizing operations, including reducing operating expenses by 23%.

But Rogers said several issues, including a partnership with wireless carrier Sprint that proved not to be as profitable as expected, prompted the latest bankruptcy filing.

General Wireless, part of hedge fund Standard General, acquired the RadioShack trademark and many of its stores after its 2015 bankruptcy.

RadioShack was founded in 1921. Long known as a place to find batteries and obscure electronic parts, in recent years the company tried to remake itself as a specialist in wireless devices and accessories.

That strategy largely was stymied by the advent of smartphones.

RadioShack has tried to update its image but faces formidable competition from online and discount retailers.

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The 25 best-paying jobs in the U.S.? Find a career in healthcare or tech </s> PG&E Corp. filed for bankruptcy protection on Tuesday as it struggles with billions of dollars in potential liabilities from its role in sparking California wildfires, triggering one of the most complex corporate reorganization cases in years.

California’s largest utility, which provides natural gas and electric service to 16 million people, sought protection under chapter 11 of the bankruptcy code. The process to restructure its debts is expected to be protracted, involving state and federal regulators, with wide-ranging... </s> iHeartMedia, the largest radio broadcaster in the United States, has filed for Chapter 11 bankruptcy — owing $20 billion in debt.

According to the Hollywood Reporter, “iHeart said it had ‍reached an agreement with the holders of more than $10 billion of the company’s outstanding debt for a balance sheet restructuring, which will reduce its debt by more than $10 billion.”

“In February, iHeart missed interest payments on its debt as well as two sets of bond payments making bankruptcy all but inevitable,” they explained, adding that, “A last minute deal with Liberty Media, the owner of SiriusXM Radio, that would have seen the company controlled by media mogul John Malone and inject $1.16 billion into the group also fell through.”

jHeartMedia Chairman and CEO Bob Pittman announced the details of the company’s debt agreements in a statement, Wednesday.

“iHeartMedia has created a highly successful operating business, generating year-over-year revenue growth in each of the last 18 consecutive quarters. We have transformed a traditional broadcast radio company into a true 21st century multi-platform, data-driven, digitally-focused media and entertainment powerhouse with unparalleled reach, products and services now available on more than 200 platforms, and the iHeartRadio master brand that ties together our almost 850 radio stations, our digital platform, our live events, and our 129 million social followers,” Pittman declared. “The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure. Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company.”

In a press release, iHeartMedia also further explained the bankruptcy.

“To implement the balance sheet restructuring contemplated by the agreement in principle, iHeartMedia and certain of its subsidiaries, including iHeartCommunications, Inc., have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. Clear Channel Outdoor Holdings, Inc. and its subsidiaries did not commence Chapter 11 proceedings,” iHeartMedia proclaimed. “The Company has filed with the Bankruptcy Court a series of customary motions seeking to maintain business-as-usual operations and uphold its commitments to its valued employees and other stakeholders during the process. These ‘first day’ motions, which the Company expects to be granted in short order, will help facilitate a smooth transition into Chapter 11. ”

“iHeartMedia believes that its cash on hand, together with cash generated from ongoing operations, will be sufficient to fund and support the business during the Chapter 11 proceedings,” they concluded.
Aircel, India's fifth-largest wireless provider, declares bankruptcy.