Suzlon reportedly asks banks to refinance debt at major loss

On the verge of bankruptcy, the Indian OEM has reportedly asked its creditors to refinance old debt at a very cheap price.
Photo: Suzlon
Photo: Suzlon

Jan. 7, 2020, should have been Indian wind turbine maker Suzlon's deadline for avoiding insolvency. At the last minute, the crisis-stricken OEM has reportedly asked its large bank creditors whether they might do better business if they allow the company to continue operations – even though doing so would mean forfeiting most of their loan dues, corresponding to INR 113 billion (EUR 1.4 billion).

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