Suzlon defaults on bond payment, sources say it’s in talks to sell stake
MUMBAI: India’s debt-laden SuzlonNSE -3.23 % Energy said it defaulted on a $172 million bond payment on Tuesday, as sources aware of the matter said the wind power equipment maker was in talks with several global private equity funds to sell a majority stake.
The company’s creditors, led by India’s biggest lenders State Bank of India, last week signed a so-called inter-creditor agreement (ICA) under which they had agreed not to take the company to a bankruptcy court.
Instead, they are studying a one-time settlement plan offered by the company, said the sources, who asked not to be named as they were not authorised to discuss the matter publicly.
