May 2, 2012,
BANGALORE, INDIA – Subex Ltd, a leading global provider of Business Support Systems (B/OSS) for Communications Service Providers (CSPs), announced today that RBI has approved the restructuring proposal of its outstanding FCCBs involving a combination of debt and equity. The company will shortly launch a cashless exchange offer wherein the current FCCBs will be exchanged for new FCCBs with a maturity period of 5 years and fresh equity.
Commenting on the development Mr. Subash Menon, Founder Chairman, Managing Director & CEO, Subex Limited said, “We are happy that RBI has given us approval to complete the restructuring of FCCBs. This restructuring proposal has been formulated with the active support of our existing bondholders whom we have been closely working with. We are confident that with their continued support, we will be able to complete the restructuring in the next 45-60 days.”
“I am also glad to state that this approval from RBI will help us reach a final and conclusive solution to the FCCB issue. With this, all concerns about the financial stability of the company will be put to rest once and for all. We are confident of better times ahead and will continue to work hard to sustain our market leadership in BSS. The increasing uptake for our industry-changing Revenue Operations Center (ROC®) and Managed Services offering and the non-linearity in the business are clear indicators that we are here to stay”, he further added.