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NCLT route ruled out for Suzlon Energy, lenders to set up escrow account

Barring one bank, all lenders are ready to convert more than 50% of the total debt into new debt

Shreya Jai  |  New Delhi 

Throwing a lifeline to India’s leading wind turbine maker and debt-ridden Suzlon Energy, lenders to the company have finalised a resolution plan. They hope to conclude the process by the month end, which is also the deadline for the resolution. Sources said barring one bank, all lenders are ready to convert more than 50 per cent of the total debt into new debt.

The remaining will be haircut taken by the lenders or unsustainable debt. State Bank of India, Punjab National Bank (PNB), Union Bank and Bank of Baroda are major lenders to the company. Of this, PNB is learnt to have ...

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First Published: Sun, January 05 2020. 19:03 IST
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