Drug maker, Wockhardt shall soon exit from corporate debt restructuring (CDR) as bankers believe that the company is doing exceedingly well, as mentioned in some media report. A major lender to the company’s debt restructuring arrangement includes State Bank of India.
The pharmaceutical company got CDR lifeline back in 2009 and currently owes a reimbursement of Rs 160 crore to bankers. Putting an end to a two-year-long legal conflict between a group of anguished investors and the troubled drug maker, the Bombay high court on October 11, 2011, directed Wockhardt to clear all dues to its bondholders by August 2012. The court has set a time frame for the repayment of Rs417.47 crore dues, including interest.
Wockhardt reported net loss of Rs 68.64 crore for the quarter ended March 31, 2012, against net profit of Rs 32.25 crore for the corresponding period last fiscal. However, total income increased by 68.90% at Rs 722.93 crore during the quarter under review from Rs 428.03 crore in the year-ago period.
