GTL Limited

GTL Limited's 2012 bankruptcy represented India's largest corporate debt default at the time - $2.8 billion owed to 26 banks. The telecom infrastructure company built mobile towers across India during the 3G spectrum boom, funded entirely by debt. When telecom operators consolidated and tower sharing reduced demand, GTL couldn't service its loans. The company exemplified the infrastructure trap: high fixed costs, low variable margins, and customers with more negotiating power than you. GTL's towers still stand, owned by creditors.