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UPDATE - Suzlon says debt restructuring process "progressing well"

Suzlon turbines. Author: Janusz Sobolewski. License: Creative Commons, Attribution 2.0 Generic.

January 9 (Renewables Now) - Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) clarified in a bourse filing on Wednesday that it continues to work with lenders on its debt restructuring efforts and even noted that the process is "progressing well."

The reply to the stock exchange follows a Tuesday filing that unveiled the company has defaulted on loans worth INR 72.56 billion (USD 1.02bn/EUR 913.7m). It secured those loans from a consortium led by State Bank of India (BOM:500112) that includes 18 banks and the Indian Renewable Energy Development Agency (IREDA).

In the latest filing, Suzlon reiterated that a couple of months earlier it submitted a resolution plan to its lender group, including a proposal to segregate its entire debt into sustainable and unsustainable portions. The company also noted that the process to restructure its debt is complex and is still pending the approval of the lender group.

(INR 10 = USD 0.140/EUR 0.126)

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