IL&FS Transportation Networks Ltd News

IL&FS Group initiates Rs 5,000 crore interim payout to eligible creditors

The IL&FS Group on Monday said the company has initiated Rs 5,000 crore interim payout to eligible creditors as part of its ongoing resolution mandate. Post this payout, the company said that the aggregate debt discharged will stand at approximately Rs 43,000 crore, which is over 70 per cent of the estimated total debt resolution target pegged at Rs 61,000 crore. "IL&FS Group companies have initiated an interim distribution of Rs 5,000 crore Rs 3,500 crore of Infrastructure Investment Trust (InvIT) units and Rs 1,500 crore in cash to eligible creditors as part of the Group's ongoing resolution efforts," the statement said. The interim distribution is largely being initiated by three holding companies -- Infrastructure Leasing and Financial Services (IL&FS), IL&FS Financial Services (IFIN), and IL&FS Transportation Networks (ITNL) -- that collectively hold the majority of the Group's debt and nests large creditors and public funds. Some of the Banks and ...