Lenders to recast 12,000-cr debt
Mumbai, July 13:
A joint forum of lenders will consider the recast of HCCs 12,000-crore debt pile, the first under the RBIs recently announced scheme for restructuring of stressed assets of companies.
The RBIs Scheme for Sustainable Structuring of Stressed Assets (S4A) allows banks to separate the total debt of a stressed company into two. While the company will service the sustainable part of debt, the rest is converted into equity.
HCC said in a statement on Wednesday that the joint lenders forum has agreed to consider its debt, under the recent RBI S4A guidelines, with July 12 as the reference date.
Lenders get 90 days from the reference date to formulate a resolution …
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