Banks to consider Suzlon debt recast: SBI

Lenders to Suzlon Energy will look at ways to restructure the debt of the world’s fifth-largest maker of wind turbines to help it repay bondholders, a senior official of the State Bank of India (SBI) said on Thursday.

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SBI has around Rs 3500 crore of debt exposure to Suzlon, Santosh Nayar, deputy managing director of the country’s largest lender, told Reuters.

Suzlon was poised to default on redemption of more than $200 million in overseas convertible bonds, due on Thursday, after bondholders rejected a four-month extension, sending its shares down as much as 5 percent.

Reuters