Suzlon to evaluate options to restructure bonds

Suzlon Energy, leading maker of wind-turbine generators, said that it is evaluating its options to restructure its foreign currency convertible bonds (FCCBs)

The company had raised a total of $500 million through FCCBs. It had raised $300 million in June 2007 and another $200 million in October  2007. These bonds are due on 2012.

In the meeting held on April 29, bondholders of the FCCB raised in October 2007 worth $200 million, rejected the restructuring by not passing the resolutions. However, the bondholder of June 2007 FCCB have passed the resolution, said the company’s statement on Bombay Stock Exchange.

The company said: “It is currently evaluating its options in relation to the offer. The company reserves the right to waive, in its sole direction, either or both minimum consent conditions up to a settlement date.”