New Delhi, May 3
Morepen Laboratories Ltd on Wednesday announced that its corporate debt restructuring (CDR) proposal of Rs 750 crore has been formally admitted for consideration by the Empowered Group of the CDR. The restructuring proposal envisages a one time settlement with majority of lenders after induction of fresh capital by the strategic investors. The fresh money will come by a combination of debt and equity/FCCB.
The company is expected to complete the above process in the course of the next 3-4 months.