Reliance Communications Ltd., a large, Indian telecom company has experienced severe financial difficulties brought on by poor management practices, an ill-conceived capital expenditure of more than $6 billion, a debt load of $5.8 billion, and changing industry dynamics. Interestingly, two analysts at a Canadian Investment Research firm gave a "sell" recommendation on the stock with a target price of INR 15 when the stock was trading at INR 93. The analysts also pointed out a possible rip-off of minority shareholders by the firm's founders. The company's stock price fell from a high of INR 844 in 2008 to INR 46 in 2012. The company is in the process of restructuring its assets and liabilities. The case considers the economics of the business from the perspective of shareholders. Students are required to assess the company's performance and decide whether they would invest in the company's shares. The first half of the case describes the company's constituent businesses and the strategy followed by the wireless division. This gives students an opportunity to critique RCL's marketing strategy and pricing of its services. The second half describes the company's financial strategy, the instruments it issued and its restructuring initiatives. The case allows students to examine problems associated with high leverage and the challenges to restructuring in emerging markets. © 2017 World Scientific Publishing Company.