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Suzlon defaults on $172-mn bonds, in talks with investors for stake sale

In October 2012, when Suzlon defaulted on a repayment of $221 million, it was India's biggest bond default till then

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Suzlon defaults on $172-mn bonds, in talks with investors for stake sale

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  1. BUSINESS STANDARD Suzlon defaults on $172-mn bonds, in talks with investors for stake sale Wind energy major Suzlon Energy failed to pay its bondholders for $172-million in foreign currency convertible bonds (FCCBs) which were due on Tuesday, the company disclosed to the BSE exchange. The $172 million was part of a bond series first restructured in 2014.

  2. “The company is functioning on a holistic resolution for its debt and continues to be in discussion with varied stakeholders in relevancy its outstanding debt, together with the bonds,” Suzlon declared. Sources say it's been in talks with investors like Brookfield for a stake sale. In October 2012, once Suzlon defaulted on a compensation of $221 million, that was India’s biggest bond default till then. “With the company in talks with investors like Brookfield, these bond holders may ought need to take a hair-cut (a write-off) to reach a resolution. Unlike in the past, though, the bond holders now have an option, to take the company to the National Company Law Tribunal,” said an analyst who did not wish to be identified. Read More

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