Deals
Edelweiss Said to Seek to Wind Up Bharati Defence Under New Law
- Shipbuilder has about $1.3 billion of outstanding debt
- India’s parliament passed new bankruptcy code in 2016
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Edelweiss Asset Reconstruction Co., India’s largest bad loan buyer, plans to request a winding up of Bharati Defence & Infrastructure Ltd. under the country’s new bankruptcy law, according to people with knowledge of the matter.
The company aims to file a petition in about a month against the Mumbai-based shipbuilder, whose shares have fallen more than 50 percent in the last 12 months, said the people, who asked not to be identified because the information is private. Bharati Defence has outstanding debt of about 90 billion rupees ($1.3 billion), of which Edelweiss holds 85 percent, the people said.