Debt Restructuring Scheme

SpiceXpress, the cargo business, to be hived off into separate unit

The company's board approved transfer of cargo business in lieu of issuance of securities including Compulsorily Convertible Debentures (CCDs) aggregate to Rs 2,555.77 crore.

Debt-ridden Sri Lanka on Wednesday thanked India for issuing the necessary guarantees sought by the IMF that would help Colombo to unlock the USD 2.9 billion bailout package. India's ministry of finance recently issued a letter to the International Monetary Fund (IMF) to confirm its support to Sri Lanka on the issue of debt restructuring. Also, External Affairs Minister S Jaishankar during his recent visit to Colombo gave the required assurances to Sri Lanka's top leadership for the much-needed IMF bailout package, becoming the first major lender to publicly back the island nation's efforts to recover from its worst-ever economic crisis. In a statement on Wednesday, the Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe thanked India for issuing the necessary guarantees warranted by the IMF for unlocking the USD 2.9 billion bailout for the country. "India has clearly given financial assurances which are acceptable to the IMF..which has all the necessary assurances ..fir

It wants promoters to pitch in first or bring new investors

Gupta's sprawling group of metals firms, gathered under a loose umbrella called GFG Alliance, were pushed to the brink when Greensill collapsed in March 2021

Sri Lanka on Thursday held a second round of crucial talks with its bilateral creditors, state minister of finance Shehan Semasinghe said as the crisis-hit island nation attempts to get assurances of debt restructuring from them to close a deal with the IMF. Sri Lanka held talks with the International Monetary Fund on October 16 on the release of a USD 2.9 billion rescue package by the Fund, the completion of which hinged on assurances from the country's creditors on debt restructuring. The first round was in Washington. We scheduled another meeting to ensure that all matters will be clarified, Semasinghe told a meeting of Inland Revenue officers here. All bilateral creditors would be participating to review the progress of the debt restructuring talks, in addition to the Central Bank of Sri Lanka, the IMF, and financial and legal advisers, the minister said. Financial assurances from our bilateral creditors would be important for us to obtain the approval of the IMF board of ...

Targets repaying remaining debt in eight years; Rs 1,200 crore opened on Tuesday

"The discussions held in a cordial atmosphere symbolise India's support to early conclusion and approval of a suitable IMF programme for Sri Lanka," the High Commission said.

Loans would be repaid progressively over 15 years, giving the company additional time of about seven years to extinguish the liability

The stock was locked in upper circuit for the fifth straight day, up 5 per cent at Rs 17.93 on the BSE in Wednesday's trade in an otherwise weak market.

China has said "the ball is in Sri Lanka's court" as it avoided giving a direct reply to the island nation's request of restructuring its debt, according to a media report. Sri Lankan has been urging China to restructure its debt as the nation continues to reel under an acute economic crisis. It is estimated that Sri Lanka owes debt payments of USD 1.5 to 2 billion this year to China. Overall China's loans and investments in Sri Lanka were estimated to be more than USD eight billion in the last few years. But Beijing has not made a public commitment for debt relief assistance to Sri Lanka so far. Quoting a Chinese embassy spokesman, the Daily Mirror news website on Saturday reported that Beijing had communicated to the Sri Lankan Finance Ministry three months ago about its readiness to discuss how to address the debt issue with the Chinese banks. China encouraged its banks to discuss it. The Chinese position was also communicated during the telephone conversation between Chinese .

Sri Lanka has hired leading financial and legal advisory firms Lazard and Clifford Chance LLP to support its debt restructuring as the country is on the brink of bankruptcy

The debt recast covered aspect like converting about 40 per cent of the total debt into long term non-convertible debentures at an interest rate of 0.01%

The island nation has to repay about $4 billion in foreign debt this year, including a $1 billion international sovereign bond maturing in July.

Bottom line surges over 3x year-on-year; company claims 'complete resurrection of business' two years after debt recast

The restructured plan included additional time for repayments, more funding support, and conversion of part of working capital into term credit.

Bankers support the company as it engages with them 'very consciously', says CEO Aditya Khaitan.

The country's largest private lender HDFC Bank had the highest share in restructuring at Rs 17,395 crore, followed by another private lender ICICI Bank at Rs 4,156 crore

The company's total lending loan book contracted by 12 per cent to Rs 86,936 cr in Sept 2021 from Rs 98,823 cr in year-ago period

Group puts textile land in Karnataka on sale; it had earlier sold its stake in Eureka Forbes and in renewable power firm Sterling and Wilson