India's Reliance Communications Ltd (RCom) said on Wednesday its bondholders had approved their asset-sale plan, that includes the sale of certain assets to upstart rival Reliance Jio Infocomm Ltd.
Holders of the debt-laden telecom operator's $300 million bonds have also approved the monetisation of other real-estate assets, RCom said in a statement.
RCom also got approval for the partial release of noteholder collateral to help the sale get underway, the company said, adding the proceeds would be used for partial redemption of notes.
RCom last week had moved the Supreme Court in a desperate attempt to complete the asset sale and to also avoid going to the National Company Law Tribunal, according to a report in The Economic Times.
Earlier this month, the firm lost its appeal in the Bombay High Court against an arbitration tribunal ruling in the Ericsson case, where the Swedish company sought payment of unpaid dues.
Anil Ambani-controlled RCom got shareholders' nod in February to sell its wireless assets to Reliance Jio, the telecom unit of Mukesh Ambani-led Reliance Industries Ltd.