Power Today |
Advertise Here [728 W x 90 H pixels]
Web Exclusive | January 2013

Lenders rejig Suzlon's debt, give 2-year interest holiday

Lenders to the troubled wind energy turbine maker Suzlon Energy on January 24 gave a two-year interest holiday. Under corporate debt restructuring (CDR), a consortium of 19 lenders restructured Rs 9,500 crore of its Rs 13,000-crore net debt.

The CDR process was triggered after Suzlon defaulted on its foreign currency convertible bonds (FCCBs) worth $221 million (Rs 1,189 crore) in October 2012. The CDR approved is effective as on October, the same month of the default. As many as 19 lenders in a consortium approved a revival plan that includes interest rates lower by three per cent, two-year moratorium on principal, term-debt interest payments, and six-month moratorium on working capital interests.

The company was also given a 10-year door-to-door back-ended repayment plan, which means that the total loan exposure has been spread over the next ten years. According to the package, interest worth Rs 1,500 crore will be converted into equity or equity-linked instrument over the next two years. The company has a market capitalisation of Rs 3,208 crore.

Post your comment
Verification Code:   Change Image


Posted Comment
1 .     Yogesh Says:
17 Oct 2016
I wish to start pvc / pp electric wire unit in Delhi. What kind of information I can get if I subscribe for your magazine

2 .     Sarfaraj Bilakhiya Says:
20 Sep 2016
Pls invite me all auction in gujarat

3 .     k.natarajan Says:
20 Jun 2016
we are doing business developing for solar power ,thermal power , customer supporting and we have 45 mw splar power on hand needs investors..... thanks lot pls call +910842559230 +919842753550

Advertise Here [728 W x 90 H pixels]