Suzlon Energy Ltd.

Suzlon Group has received formal approval of its proposal for the restructuring of domestic debt by the Empowered Group of Corporate Debt Restructuring (CDR) Cell. The company's domestic lenders, a consortium of 19 banks has approved CDR package of Rs 9,500 crore / $1.8 billion.

The package includes a two year moratorium on principal and term-debt interest payments; a three per cent reduction in interest rates; six month moratorium on working capital Interest; as part of the package Rs 1,500 crore / $270 million (two year's interest payment during moratorium) will be converted into equity / equity linked instrument over the next two years to bring stronger financial stability; and a 10 year door-to-door back-ended repayment plan.

The package also includes an enhancement of working capital facilities, by approximately Rs 1,800 crore / $350 million, allowing the company to accelerate the execution of its strong order book.