{"id":308140,"date":"2020-01-01T12:13:39","date_gmt":"2020-01-01T06:43:39","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=308140"},"modified":"2020-01-01T12:13:39","modified_gmt":"2020-01-01T06:43:39","slug":"in-first-deal-outside-nclt-rattanindia-rescued-by-foreign-funds-lenders-take-38-haircut","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/in-first-deal-outside-nclt-rattanindia-rescued-by-foreign-funds-lenders-take-38-haircut\/","title":{"rendered":"In first deal outside NCLT, RattanIndia rescued by foreign funds; lenders take 38% haircut"},"content":{"rendered":"<p>In the first instance of resolution of a stressed power asset outside the insolvency and bankruptcy code (IBC) mechanism where the promoters have retained management control, a consortium of lenders led by Power Finance Corporation (PFC) has agreed to take a 38% haircut against their exposure of Rs 6,575 crore to RattanIndia Power\u2019s 1,350 MW Amravati plant.<\/p>\n<p>Aditya Birla Asset Reconstruction Company (ARC) will take over the power plant\u2019s balance Rs 4,050-crore debt with funding from foreign funds including Goldman Sachs and Varde Partners. After this arrangement, the old lenders\u2019 consortium and the ARC will own 15% each in RattanIndia Power. A 15% stake in the firm is worth a little over Rs 800 crore at current market prices. The promoters hold 53% in RattanIndia Power.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first instance of resolution of a stressed power asset outside the insolvency and bankruptcy code (IBC) mechanism where the promoters have retained management control, a consortium of lenders led by Power Finance Corporation (PFC) has agreed to take a 38% haircut against their exposure of Rs 6,575 crore to RattanIndia Power\u2019s 1,350 MW Amravati plant. Aditya Birla Asset Reconstruction Company (ARC) will take over the power plant\u2019s balance Rs 4,050-crore debt with funding from foreign funds including Goldman Sachs and Varde Partners. After this arrangement, the old lenders\u2019 consortium and the ARC will own 15% each in RattanIndia [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-308140","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/308140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=308140"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/308140\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=308140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=308140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=308140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}