Financial Daily from THE HINDU group of publications
Friday, Apr 01, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 01, 2005 |
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Corporate
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Sick Units Money & Banking - Financial Institutions Pennar Profiles gets lenders' nod for OTS scheme Our Bureau
Hyderabad , March 31 PENNAR Profiles Ltd has informed the stock exchanges that the secured lenders of the company have accepted the one-time settlement (OTS) arrangement proposed by the company. These lenders include IFCI, IDBI, ICICI, SBI and SBH. As per the OTS, the lenders have agreed to accept 53 per cent of the outstanding loan principal amount and non-convertible debentures, and to waive the balance 47 per cent of the outstanding loan principal amount and non-convertible debentures. According to the company, the lenders have also agreed to waive the entire interest dues including simple interest, penal interest, compounded interest and liquidated damages. At a meeting on Thursday, the board of directors of Pennar Profiles approved the draft rehabilitation proposal prepared by the company and consented for forwarding the same to the Appellate Authority for Industrial and Financial Reconstruction .
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