To adopt RBI's S4A scheme
Hindustan Construction Company announced that the Joint Lenders Forum meeting of HCC on 12 July 2016 has passed to resolve the account under the recent RBI guidelines 'Scheme for Sustainable Structuring of Stressed Assets (S4A)'.Under S4A scheme, the debt of the Company will be bifurcated into two parts - substainable debt, which cannot be less than 50% of existing debt and will have to be serviced over the same terms as that of existing facilities. The other unsustainable part of the loan can either be converted into Equity/ Redeemable Optionally Convetible Prefernce Share/ Optionally Convertible Debentures, with clearly spelt out terms. Lenders get 90 days from 'Reference Date' to formulate the resolution plan and implement the same.
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