Lenders take forward their resolution plan for McLeod Russel outside NCLT

Led by ICICI Bank, the largest lender, they have asked LSI Financial Services to do a feasibility study on the health gardens and the firm's EBITDA prospects

Bank moves NCLT to initiate insolvency proceedings against McLeod Russel

Avishek RakshitNamrata Acharya Kolkata
Taking forward their plan to formulate a resolution plan for McLeod Russel outside the scope of NCLT, the company's lenders, led by ICICI Bank, which has the largest exposure, have appointed LSI Financial Services to undertake a techno-economic feasibility study based on which the creditors will decide the way forward.

The study primarily focusses on the health of the gardens, and will include McLeod's current and potential level of earnings before interest, tax, depreciation and amortisation (EBITDA), if the creditors to the stressed Williamson Magor Group (WMG) group agree to recast the debt of Rs 1,700 crore.

“The first level of assessment has been completed and a preliminary report has been submitted to the lenders. They are interested in knowing

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First Published: Nov 25 2019 | 5:47 PM IST

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