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Bank of America-backed ACRE buys 32% stake in Jayaswal Neco Industries

The ARC is backed by other global distressed funds and investors like Davidson Kem­pner Capital Manageme­nt, Oaktree Capital and Ares SSG

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Dev Chatterjee Mumbai
Bank of America-backed Asset Care Reconstruction Enterprise Limited (ACRE) has picked up 32 per cent stake in Jayaswal Neco Industries Limited thereby restructuring its debt worth Rs 5,661 crore.
 
The ARC is backed by other global distressed funds and investors like Davidson Kem­pner Capital Manageme­nt, Oaktree Capital and Ares SSG.
 
The restructuring of the debt was done according to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and is one of the largest pre-insolvency restructurings. The company was in the Reserve Bank of India’s (RBI’s) second list for commencement of insolvency which

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First Published: Sep 27 2021 | 11:05 PM IST

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