Crisis-hit IL&FS revises debt terms for three of its road entities

The revision allows for concessions and modification of terms of financial debt and release of cash flow from existing accounts to service financial and operational creditors

The IL&FS group has entered into term-sheets with its secured lenders for three of its road entities as part of its resolution process, the company said on Monday. The three entities will now move to the green category. 

“Secured lenders of Moradabad Bareilly Expressway, Jharkhand Road Projects, and West Gujarat Expressway have approved the revised proposal for these entities by way of signing these binding term sheets,” the group said in a statement. Total debt across these three entities is around Rs 5,071 crore, of which Rs 3,242 crore is from secured lenders and Rs 1,829 from unsecured lenders. 

The revision