Winsome Diamonds and Jewellery’s debt of Rs 4,000 crore is likely to be restructured by a consortium of lenders. The lenders had opened letters of credit (LC) to the company, for the purchase of gold. The firm failed to pay the bullion lenders, the aforementioned invoked the LCs.
The company’s loan is yet to become non-performing for the banks but in case the loan is not restructured or a part of the interest or principle not paid by the end of this month, then some of the banks will have to classify it as NPA.
