Suzlon Said to Propose $1.2 Billion Stressed Debt Settlement
- Creditors have to take 44% haircut if they accept the plan
- Vestas-backed plan is only bid in front of company’s lenders
Photographer: Daniel Acker
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India’s troubled wind-turbine maker Suzlon Energy Ltd. offered to repay about 85 billion rupees ($1.2 billion) to lenders as part of a bad-debt resolution plan, people with knowledge of the matter said.
Creditors led by State Bank of India will have to take a haircut of as much as 44% on Suzlon’s debt if the offer is accepted, the people said, asking not to be named as the information isn’t public. The settlement plan backed by Vestas Wind Systems A/C is the only bid in front of lenders after Brookfield Asset Management Inc. dropped out of the race, one of the people said.