Telecom operator Aircel on Wednesday said it has filed for bankruptcy as the company has been facing “troubled times” in “highly financially stressed” industry. The company statement also noted that efforts to merge wireless business with another operator did not yield any results and had ultimately lapsed in September 2017. Despite these discussions and the invoking of a Strategic Debt Restructuring scheme in January 2018...no agreement could be reached,” Aircel said. The company also said it believes that in the current circumstances, resolution process under the Insolvency and Bankruptcy Code is an “appropriate recourse”. Aircel said it will strive to provide uninterrupted service connectivity to its customers and sought their support in the “current difficult period”.

Source: Hindustan Times February 28, 2018 12:11 UTC