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Lenders have given their nod to the debt restructuring plan of debt-laden wind energy company Suzlon.
In a filing to the exchanges, Suzlon said State Bank of India, the lead bank of the consortium of lenders, okayed the resolution plan of Suzlon and certain of its identified subsidiaries.
This resolution plan was chalked out under RBI’s Prudential Framework for Resolution of Stressed Assets. Once SBI gave its nod, the resolution was put to vote by the consortium of lenders and which has since been approved by 100 per cent of lenders by value and numbers, the company said in a filing to the exchanges. The loans were given by a consortium of 18 banks led by State Bank of India and Indian Renewable Energy Development Agency (IREDA).
Further, Suzlon is working on finalising various definitive agreements with the lenders.
Suzlon has a debt pile of $1.68 billion, and talk of a debt recast has been doing the rounds since last year. The nature of the loans lent to the company included fund-based working capital, non-fund-based working capital, term loans and standby letter of credit (LoC).
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