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India's Suzlon admitted to debt restructuring process-sources

Source : REUTERS
Last Updated: Tue, Nov 27, 2012 06:00 hrs

MUMBAI, Nov 27 (Reuters) - Indian wind turbine maker Suzlon Energy Ltd, which last month defaulted on a $200 million convertible bond redemption, has been admitted to India's corporate debt restructuring process, sources with direct knowledge of the situation said on Tuesday.

Suzlon's secured domestic debt totalling 110 billion rupees ($1.97 billion) and due in five and six years will be restructured, with a two-year moratorium on interest and principal repayment, after which it will be repaid over eight years at a lower rate, one of the sources said.

The restructuring does not apply to its overseas bonds. Suzlon declined to comment.

(US$1 = 55.7450 Indian rupees) (Reporting by Tony Munroe and Swati Pandey; Editing by Aradhana Aravindan)




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