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

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)