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Suzlon headed for CDR, lenders grapple with terms

Inclusion of foreign currency convertible bonds in debt recast a key factor

Lenders to the debt-laden wind energy company, Suzlon Energy Ltd, have begun examining the option of taking the company to corporate debt restructuring (CDR) for recast of loans worth Rs 13,000 crore. This is aimed at avoiding a hit on the banks' balance sheets. A senior executive of a public sector bank said SBI Caps, the capital market subsidiary of State Bank of India, the lead lender, had preliminary discussions with the CDR cell to refer Suzlon for debt recast. Besides domestic loans, some Indians lenders having branches abroad face an additional burden. They have issued credit-linked ...