Lenders to Suzlon Energy Ltd have approved the wind turbine maker's corporate debt restructuring plan for USD 1.8 billion, the company said on Thursday.
The deal would give the world's fifth-largest wind turbine maker, which defaulted on a USD 200 million convertible bond redemption in October, enhanced working capital facilities by USD 350 million, it said in a statement.
"The package includes a two-year moratorium on principal and term-debt interest payments, a three percent reduction in interest rates, six-month moratorium on working capital interest " it said.
Suzlon's debt restructuring proposal gets formal aprovalAlso USD 270 million, or two year's interest payment during moratorium, will be converted into equity or equity-linked instruments over the next two years, it said.
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