Vedanta: Vedanta faces investor reckoning over $3.2 billion of bonds
Vedanta Resources Ltd faces a moment of reckoning this week as Indian billionaire Anil Agarwal’s miner seeks approval for a proposal that could help it buy more time to honor its debt liabilities.Bondholders have until Jan. 2 to give an early consent on a plan to push out due dates on $3.2 billion in bond repayments, a move that prompted S&P Global Ratings in December to cut the company’s rating deeper into junk.Vedantaneeds a green light from at least two-thirds of the bondholders in each of the three securities to proceed with the plan. A holder meeting will be held on January 4.The bid to revise the terms of its dollar bonds marks the latest attempt by Agarwal’s group to bolster its balance sheet, having already sold a stake in its Mumbai-listed subsidiary and secured a $1.25 billi...