Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

Bhushan Power and Steel lenders meet Tata Steel and Liberty House

Steel News - Published on Wed, 13 Jun 2018

Financial Express, citing persons familiar with the development, reported that after a marathon meeting on Monday, lenders to Bhushan Power and Steel (BPSL) are likely to zero in on the most preferred bidder to take over the debt-laden firm next week. The sources added that Tata Steel has offered to make an upfront payment of INR 17,000 crore to lenders and bring in INR 7,500 crore as working capital while Liberty House is understood to have offered to pay INR 18,500 crore to lenders and bring in INR 7,350 crore.

The sources added “The best bidder would be picked after considering whether the resolution applicant(s) have made any provision with regard to other creditors such as secured creditors, unsecured creditors, employees and government dues, as directed by the appellate tribunal.”

Apart from representatives of 35 lenders, both the parties were present in the meeting.

“Lenders failed to reach to a consensus as both the bids had some merits and demerits. However, they unanimously rejected the idea of electronic voting to identify the preferred bidder though an e-voting might be considered,” persons present in the meeting, said.

Source :

Posted By : Sanju Moirangthem on Wed, 13 Jun 2018
Related News from Steel segment