Christmas gift for Ispat's lenders

Last Updated: Thu, Dec 23, 2010 20:31 hrs

Who were the folks who were the most relieved when the JSW-Ispat deal closed in a Guinness record breaking time of a week? Ispat’s chief lenders who together had a Rs 9,500 crore exposure in the company. Had the deal not closed by December 25, Ispat would have been a non-performing asset on their books. Such was the desperation, that many lenders had also requested potential suitors for a Rs 200 crore upfront payment before the deadline, even if the deal was actually closed later. Bank CEOs, therefore, were also working well past midnight, sleeping for a few hours before heading back to the negotiating table. The relief among lenders is so huge that last heard, the CEO of a leading bank is even planning a bash for Sajjan Jindal’s JSW team.

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