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Reliance in trouble. Flag Telecom cancels $1B IPO

GigaOM: Flag Telecom, a large international network operator that connected countries in Europe with Middle East and Asia with the U.S., is shelving its $1 billion dollar initial public offering. The cancellation is a huge set-back for its parent company, Reliance Communications, which has been desperately trying to reduce its $7 billion in debt. The IPO was seen as a way to quickly slash that debt. Reliance was looking to list Flag Telecom via Singapore-based business trust, Global Telecom Infrastructure Trust (GTIT) on the Singapore stock exchange.

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searchbuzz2098d ago

Its massive, but it STILL has a parent company. Haha.