The news come after the bondholders threatened the country’s largest wind-turbine maker of legal action after repayment default last month.
If accepted, the resolution plan suggests that the creditors, led by State Bank of India (SBI), take a 44 percent haircut on the total debt.
The news came after bondholders threatened the country’s largest wind-turbine maker of legal action after repayment default last month.
Brookfield Asset Management which was in talks to infuse fresh equity in the company dropped out and Vestas Wind Systems A/S remains as the only bid backing the settlement plan, the wire quoted sources say.
The Pune-based company has been battling heavy losses amidst rising operational costs and competition as it looks for a long-term strategic investor.Meanwhile, the news lifted Suzlon shares to green on the NSE and BSE since early August 9.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.