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Tuesday, January 15, 2013

Suzlon Energy's CDR package to be signed in 2-3 days
Company's net debt of Rs.13,000 crore to be restructured
Katya Naidu & Abhijit Lele 
A consortium of lenders and troubled wind turbine maker Suzlon Energy, might be officially signing a corporate debt restructuring (CDR) package in the next two to three days, say banking sources.
“The conditions have been finalised and we are waiting for them to sign it,” said a banker who is a part of the consortium which has more than 11 banks. The company’s net debt would be around Rs 13,000 crore, which would be restructured. Suzlon said that they would not be commenting on their CDR which is under process.
Suzlon’s debt structure was reworked earlier as well, in late 2009. “At that time it was just a re-financing where interest rates were not changed. But this time around, it is real restructuring,” said a top banker for a public sector bank.
This move comes after the company defaulted on repayment of foreign currency convertible bonds (FCCBs)  worth $220 million in October, last year. Ever since, the company has been working on various methods to rein in debt worries, including selling stock. In December last year, the company’s promoters sold shares worth Rs 63 crore, which represents around two% of the company’s paid-up capital.
Both stock markets as well as bankers see the signing of CDR as a positive move for Suzlon which has been under the weather due to the debt worries. “Now, they can get more time and work on the busiess,” said a sector analyst from a Mumbai-based broking house.