Vedanta faces investor reckoning over $3.2 billion of bonds

Vedanta Resources seeks approval for a proposal to revise the terms of its dollar bonds to cut its debt load. The miner is offering to pay $779 million for notes due this year and 2025, and plans to extend the maturity on the remaining principal. S&P Global cut Vedanta's rating to CC and expects good earnings and strong cash flows. Bondholders are recommended to give their consent for the amendments, but S&P Global is skeptical about the lack of adequate compensation for the extension of maturities.