RCom announces new debt reduction plan with no write-offs

MUMBAI, Dec 26 (Reuters): Anil Ambani, the businessman backing India's Reliance Communications Limited, said on Tuesday the company will reduce its debt by about 250 billion rupees (US $3.90 billion) through the sale of some of its spectrum, tower and real estate assets.

The reduction will allow the company to provide "zero" write-offs to lenders and bondholders, as well as no conversion of debt to equity, Ambani told a news conference.