Lenders approve Suzlon Energy's debt resolution plan

Suzlon Energy on Monday said an SBI-led consortium of lenders has approved a debt resolution plan.

Currently, the company's total debt from the lenders stands at around Rs 12,900 crore.

Besides, the company has called a meeting of bondholders to approve the resolution plan for outstanding USD 172 million borrowed from them via bonds.

"State Bank of India, the lead bank of the consortium of lenders, has, vide its e-mail dated March 29, 2020, conveyed that the resolution plan of the company and its certain identified subsidiaries... was put to vote by the consortium of the lenders and which has since been approved by 100 per cent of lenders by value, and 100 per cent of lenders by numbers," the company said in a regulatory filing to the BSE.

According to the filing, the resolution plan has been unanimously approved by the consortium.

A company official said Suzlon Energy's debt from these lenders stands at around 12,900 crore.

The company is working on finalising various definitive agreements with the lenders, it added.

In another regulatory filing, the company has told the Singapore Exchange Securities Trading Ltd that it has called a meeting of bondholders on April 6 seeking their nod for resolution of the outstanding USD 172 million bonds.

The company has given few options to bondholders under the proposed resolution plan seeking hair cut.

The total size of the bond issue was USD 546.91 million. The company paid the bondholders partly earlier.