Suzlon scraps $1.2 billion debt repayments; stock slides

Suzlon Energy withdrew an offer to repay about `8,500 crore ($1.2 billion) to lenders after Vestas Wind Systems A/C, which was backing the proposal, pulled out of the debt-resolution plan, according to people familiar with the matter.

The settlement was the only offer before the lenders led by State Bank of India after Brookfield Asset Management dropped out last month, the people said, asking not to be named as the information is not public. The banks are yet to decide on the next steps to recover their dues, one of the people said.

The Indian wind-turbine maker has been struggling since 2017 after the government shifted to auctions as the preferred method to install wind projects.