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JP Power likely to default on $200-million convertible bonds due on Feb 13

Jaiprakash Power Ventures said in a statement on Wednesday the company was confident of its ability to pay its dues under the bonds by March 31, 2016.

Tommy Wilkes | January 28, 2015 | Updated 13:51 IST
JP Power likely to default on $200-mn convertible bonds
(Photo: Reuters)

Jaiprakash Power Ventures said it was likely to default on payments for convertible bonds worth us $200 million due on February 13, 2015, as it could not generate enough revenue from its operations.

JP Power, which has been weighed down by debts and a sharp downturn in the performance of the domestic power sector, said in a statement on Wednesday the company was confident of its ability to pay its dues under the bonds by March 31, 2016.

(Reuters)

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