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ArcelorMittal selected as H1 bidder for Essar Steel

Steel News - Published on Mon, 22 Oct 2018

Image Source: SteelGuru
ArcelorMittal confirmed that it has been informed by the Committee of Creditors for Essar Steel India Limited that it has been evaluated to be the H1 Resolution Applicant, the preferred bidder, in the corporate insolvency resolution process for ESIL. The company will now enter into further final negotiations with the CoC.

In the second round of bids, ArcelorMittal had offered upfront INR 35,000 crore to the lenders and had committed to infuse another INR 8,000 crore into the company. Subsequently, the company had proposed to increase its upfront offer to INR 42,000 crore and also cured its ineligibility by approving the payment of INR 7,469 crore to lenders of Uttam Galva and KSS Petron

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Posted By : Sanju Moirangthem on Mon, 22 Oct 2018
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