The Indian manufacturer will present a restructuring plan swapping its INR 113 billion ($1.6 billion) of outstanding debt with INR 36 billion of new debt 鈥 a discount of 68%, reports, citing 鈥減eople familiar with the matter鈥.
Lenders had previously expressed a willingness to take a 50% discount, and are due to meet with Suzlon next week, according to the financial newswire.
搖錢樹娛樂城 approached Suzlon for a response, but the OEM declined to comment on the story.
Shares in the OEM rose 46% to INR 2.7/share 鈥 their highest value since 13 November 2019 -聽between 1 January 2020 and 3 January.
The manufacturer鈥檚 stock price had been falling since its auditors reported Suzlon鈥檚 ability to continue as a going concern was in 鈥significant doubt鈥 when it released its Q2 financials on 15 November.
Deloitte, Haskins and Sells said Suzlon had defaulted on payments to some creditors, some lenders had filed for insolvency proceedings against the manufacturer, and potential investment offers had been withdrawn.
However, the accountants said Suzlon鈥檚 management were 鈥渞easonably confident鈥 about its restructuring plan succeeding.
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