The resolution of at least three troubled power companies, including Coastal Energen, GMR Chhattisgarh and Jaiprakash Power Ventures, could be completed in the next two months, bankers have indicated to FE.
In the case of GMR Chhattisgarh, the Adani Group is expected to take control later this month following a nominal upfront payment. Lenders have agreed to the change in management and will continue to extend loans to the business.
Also, all lenders to Jaiprakash Power are expected to approve the restructuring with the existing promoter this week. An ICICI Bank-led consortium had been looking to restructure the business which has piled up a debt of over `20,000 crore;the company has plants at Vishnuprayag, Bina and Nigrie.
According to the plan, the promoters will make an upfront payment of 20% over the next one year and lenders expect to upgrade the account by quarter ending June 2020. Read More
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