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Last Updated : Aug 09, 2019 04:28 PM IST | Source: Moneycontrol.com

Suzlon Energy offers creditors $1.2 billion resolution plan

The news come after the bondholders threatened the country’s largest wind-turbine maker of legal action after repayment default last month.

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Suzlon Energy has offered creditors a $1.2 billion (Rs 85 billion) bad-debt resolution plan, reports Bloomberg.

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.

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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.

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First Published on Aug 9, 2019 04:28 pm
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