Lenders to Jaiprakash Associates Ltd., led by ICICI Bank, have given an in-principle approval to a debt restructuring plan, two people close to the development told BloombergQuint requesting anonymity.
The restructuring would involve division of the nearly Rs 30,000-crore debt into three parts. The first portion of about Rs 10,000-crore debt would be moved off the companys balance sheet as it sells a significant portion of its cement businesses to UltraTech Cement Ltd. About Rs 13,000 crore worth land holdings of the company would be carved out as a special purpose vehicle under the control of the lenders and subjected to a long-term repayment schedule through sale of these properties.
The remaining debt would continue on the company…
Read the full article at: https://www.bloombergquint.com/business/2017/06/27/jaiprakash-associates-lenders-icici-bank-restructure-debt-three-parts