Wockhardt CDR process to be over in next six weeks

Pharma company Wockhardt, which has close to Rs 3,400 crore in debt, today said that the corporate debt restructuring (CDR) process in the company is likely to be over in the next four to six weeks.

"The corporate debt restructuring may be ready in a week's time. After which, within four to six weeks, we should sign an agreement" to that effect, Wockhardt Chairman Habil Khorakiwala told reporters here after the company's AGM here.

A couple of months ago, the company had asked ICICI Bank to restructure its debt.

CDR is restructuring of a company's outstanding obligations often achieved by reducing the burden of the debts on the company by decreasing the rates paid and increasing the time the company has to pay the obligations.

The drugmaker's foreign currency convertible bonds (FCCB) are due for payment in October.

"We are restructuring our FCCBs too. We have started talking to our FCCB lenders. We have more than one more option available," he said.

The company may look at buyback of some of the FCCBs, he added, after which, within four to six weeks, it would sign an agreement to that effect.

The face value of FCCBs stands at $109 million.