Mumbai: Lenders to Suzlon Energy Ltd have approved the Indian wind turbine maker’s corporate debt restructuring plan for $1.8 billion, the company said on Thursday.
The deal would give the world’s fifth-largest wind turbine maker, which defaulted on a $200 million convertible bond redemption in October, enhanced working capital facilities by $350 million, it said in a statement.
“The package includes a two-year moratorium on principal and term-debt interest payments, a 3% reduction in interest rates, six-month moratorium on working capital interest ...” it said.
Also $270 million, or two year’s interest payment during moratorium, will be converted into equity or equity-linked instruments over the next two years, it said.
