Wind turbine maker Suzlon Energy Ltd, which last month defaulted on a USD 200 million convertible bond redemption, has been admitted to India's corporate debt restructuring process, sources with direct knowledge of the situation said on Tuesday.
Suzlon's secured domestic debt totalling Rs 11,000 crore and due in five and six years will be restructured, with a two-year moratorium on interest and principal repayment, after which it will be repaid over eight years at a lower rate, one of the sources said. The restructuring does not apply to its overseas bonds. Suzlon declined to comment. (USD 1 = 55.7450 rupees)Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
