Banks plan to restructure Rs 4,000 crore of loans given to fraud-hit CG Power and Industrial Solutions, including an easier moratorium on repayments and standstill arrangements to pay past loans, in a bid to keep the company’s operations going, three people familiar with the development said.
The lenders are also considering whether the company needs emergency funding and have appointed SBI Capital Markets to prepare a resolution plan, one person said.
“The focus is on getting consensus on standstill arrangements and that priority funds should be arranged,” an official involved in the matter said. “Lenders are presently mulling ways to ensure operational continuity of the company.” Read More
Latest posts by The Economic Times (see all)
- Essar Steel lenders to recover over 90% of Rs 42,000 crore - November 16, 2019
- The risk is real: Global energy consumption up by 2.3%, experts blame it on tech & population - November 16, 2019
- Oil prices gain as market awaits signals on trade talks - November 16, 2019