Suzlon proposes $1.2 billion deal to settle stressed debt: Sources

India’s troubled wind-turbine maker SuzlonNSE 8.75 % Energy Ltd. offered to repay about 85 billion rupees ($1.2 billion) to lenders as part of a bad-debt-resolution plan, people with knowledge of the matter said.

Creditors led by State Bank of India will have to take a haircut of as much as 44% on Suzlon’s debt if the offer is accepted, the people said, asking not to be named as the information is not public. The settlement plan backed by Vestas Wind Systems A/C is the only bid in front of lenders after Brookfield Asset Management Inc. dropped out of the race, one of the people said.
Company Summary
NSEBSE
Suzlon Energy Ltd.0.35 (8.75%)
State Bank Of India2.30 (0.78%)