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Competition for the ownership of Altico Capital India has revived with the re-entry of Cerberus Capital Management into the race.
New York-based hedge fund Cerberus submitted a bid for ailing Altico last week, after getting an extension from an initial deadline in the previous week, said people familiar with the matter.
The creditor-run debt restructuring at Altico is being keenly followed as a barometer of the NBFC crisis, as well as a potential opportunity for hedge funds and banks trading discounted debt.
Cerberus bid competes with a bid from SSG Capital Management, a shareholder-sponsored debt recast plan, and an asset swap bid mooted by some creditors. Lenders discussed all alternatives at a meeting on January 30, the people said, asking not to be identified because the matter is private.
The final field has narrowed since the restructuring process kicked off in September, with other bidders, including Apollo Capital Management and Kotak Investment Advisers, pulling out.
A Cerberus spokeswoman and an Altico spokesman declined to comment.
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