Lenders to tap global investors for Bhushan Steel, Essar Steel

A reference for insolvency has already been made in Essar's case but not yet in Bhushan Steel's case

The lenders to Bhushan Steel and Essar Steel, both candidates for action under the insolvency and bankruptcy code (IBC), are also trying to involve global investors to get a better price for their equity.

A reference for insolvency has already been made in Essar's case and the latter has contested this at the Gujarat high court (HC). Such action is yet to be formally taken in Bhushan Steel's case.

SBI Capital Markets is advising the lenders on a restructuring package for some of the companies referred under IBC to the National Company Law Tribunal (NCLT). Last week, a team from SBI Cap