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Oct 03, 2011, 05.43 PM IST
Pharma major Wockhardt now has additional time on its hands to finalise a formal repayment plan for its overseas bond holders.
The company has total dues of Rs 358 crore it was supposed to revert to the Bombay High Court with a detailed plan by October 3. It now has extra time as the court today adjourned the case to October 11. A group of bondholders led by the bond trustee of the Bank of New York Mellon, Sun Pharma Global and hedge fund QVT besides some creditors had taken Wockhardt to court, filing a wind-up petition, after the company defaulted on repayment of its USD 110-million FCCBs, in 2009.
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