Many infrastructure companies are going through Corporate Insolvency Resolution Process (CIRP); some of them were also in the first target list of the Reserve Bank of India (RBI), wherein 12 companies were identified in June 2017 to proceed in under the code.
Tag: corporate debt restructuring
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Corporate Debt Restructuring | CDR as disqualification in tenders
Corporate Debt Restructuring (CDR) mechanism is a process that is governed by the RBI to ensure a timely and transparent mechanism for restructuring the corporate debts of viable entities facing problems.
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Banks may lend Rs 60 bn more to Essar Steel
In order to prevent Essar Steel from approaching
the corporate debt restructuring (CDR) cell, lenders to the company provided an further loan of Rs 6,000 crore. The company borrowed this amount at an interest rate of 12.50 percent. The Ruia-group firm would use around Rs 2,000-2,500 crore of the Rs 6,000 crore to repay group com
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Lanco to recast Rs 90 bn debt
In view of the challenging economic condition, Lanco Infratech approached corporate debt restructuring (CDR) cell to recast its Rs 9,000-crore debt. Of the Rs 9,000-crore debt, Rs 4,000 crore is fund-based exposure and Rs 5,000 crore non-fund-based.
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CDR cell refuses to take up Rs 70 bn loan recast plan of Electrosteel
Agency reports indicate that the CDR (corporate debt restructuring) cell refused to consider the CDR request of Electrosteel Steels for its Rs 7,000-crore loan. This is because the company did not adhere to the terms of the proposal, including fresh capital infusion and corporate guarantee that promoters are supposed to bring to the table. Therefore, the consortium of 27 banks dela
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Lanco approaches CDR cell to recast Rs 90 bn debt
In view of the challenging economic condition, Lanco Infratech approached corporate debt restructuring (CDR) cell to recast its Rs 9,000-crore debt. Of the Rs 9,000-crore debt, Rs 4,000-crore is fund-based exposure and Rs 5,000-crore non-fund-based.
The company is holding discussions with bankers in this rega
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Lenders approve restructuring of Electrosteels’ debt
Kolkata-based Electrosteel Steels, which produces DI pipes and casting, may not have much difficulty in restructuring its Rs 7,000 crore loan as the consortium of 27 lenders are open to recast it provided some conditions are fulfilled. The firm produces and supplies ductile iron (DI) pipes and fittings and is three-star export house. It was the first domestic company to set up a ductile iron pipe plant apart from pioneering manufacture of alloy steel cast
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Some banks recast debt outside CDR framework
According to a study by CARE Research, some banks are restructuring the debt of their borrowers through bilateral negotiation without referring the cases to the corporate debt restructuring (CDR) cell. The study found that out of the Rs 177,333 crore outstanding restructured advances of 10 large banks, only Rs 58,366 crore worth of loans were referred to the CDR cell
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Ministry official suggests oversight mechanism for CDR
Commercial banks received a suggestion from Financial Services Secretary Rajiv Takru to have an independent oversight mechanism for considering cases under the corporate debt restructuring (CDR) cell. Takru suggested that the independent mechanism must not have any government representative or any serving banker, but some experts who can scrutinise from the correctness point of view whether the case refer
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Soma Enterprise heads for corporate debt restructuring
Sources say that Hyderabad-based Infrastructure company Soma Enterprise, which has a debt burden of around Rs 5,000 crore, is heading for corporate debt restructuring (CDR). The highway developer, which also has an engineering, procurement and construction (EPC) division, has been referred to the CDR cell by one of its bankers, State Bank of India, the countryĆās largest lender.
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