Orchid Chemicals and Pharmaceuticals has received Corporate Debt Restructuring (CDR) approval, paving the way for the sale of a portion of its businesses to Hospira Healthcare India, and cut debt.
The company will be repaying a portion of the debt (i.e Rs 681 crore) to the lenders with proceeds from the sale, while the remaining Rs 2,866 crore will be restructured.
The CDR scheme also includes funding to meet working capital borrowings. The restructured debt, along with funded loans, will have to be repaid in eight years.
Orchid Chemicals & Pharmaceuticals is a pharmaceutical company engaged in development and manufacture of active pharmaceutical ingredients (APIs) and finished dosage forms. It is also engaged in research of new drugs. The company was incorporated in the year 1992 as a 100% export-oriented unit (EOU).
