Suzlon Energy has received approval from State Bank of India (SBI) for proposed resolution plan, under which the company’s Rs 12,700 crore debt will be converted into sustainable and unsustainable debt and will be repaid over 20 years. As per the proposed plan, the lenders will have to take a haircut of 65 percent on the debt.
In the first 10 years, the company will repay sustainable debt, which is 32-35% of the total. a consortium of lenders led by SBI will hold a 10 percent stake in the company and 49 percent stake in unit Suzlon Global Services.
Suzlon Energy is a leader in wind energy in India. The company is a pioneer in providing end-to-end wind power solutions for increasing demand for wind energy over the world.
