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Prospect News home > News index > List of issuers I > Headlines for IL&FS Transportation Networks Ltd. > News item
Published on 11/2/2018 in the Prospect News Distressed Debt Daily and Prospect News Emerging Markets Daily.

India’s IL&FS defaults on interest payments for nine debentures

By Marisa Wong

Morgantown, W.Va., Nov. 2 – IL&FS Transportation Networks Ltd. gave notice that it did not make interest payments on nine series of its non-convertible debentures due to insufficient funds.

Interest was due on Oct. 29 and Oct. 30 for the following debentures:

• Tranche XXV – option I (security ITNL 23) debentures, for which Rs. 2,356,712 of interest was due for the period from July 27 to Oct. 26;

• Tranche XXV – option II (security ITNL 25) debentures, for which Rs. 3,553,973 of interest was due for the period from July 27 to Oct. 26;

• Tranche XXV – option III (security ITNL 28) debentures, for which Rs. 17,864,384 of interest was due for the period from July 27 to Oct. 26;

• Tranche XVIII (security ITNL 26) debentures, for which Rs. 119,616,438 of interest was due for the period from April 27 to Oct. 28;

• Tranche XX – option I (security ITNL 22) debentures, for which Rs. 7,577,397 of interest was due for the period from July 30 to Oct. 29; and

• Tranche XX – option II (security ITNL 27) debentures, for which Rs. 27,868,690 of interest was due for the period from July 30 to Oct. 29.

Interest was due on Oct. 31 for the following debentures:

• Tranche I (security ITNL 19) debentures, for which Rs. 142,685 of interest was due for the period from Oct. 1 to Oct. 31; and

• Tranche II (security ITNL 19A) debentures, for which Rs. 2,119,911 of interest was due for the period from Oct. 1 to Oct. 31.

Interest was due on Nov. 1 for the company’s tranche XXIII – series 1A (security ITNL 23) debentures, for which Rs. 22,936,986 of interest was due for the period from Aug. 1 to Oct. 31.

IL&FS Transportation is a surface transportation infrastructure company based in Mumbai.


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