Suzlon Energy offers creditors $1.2 billion resolution plan

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.

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.