Bharati Shipyard lenders to recast $1.5 bln loans
Lenders to India's Bharati Shipyard Ltd are considering restructuring the company's loans worth about 77.4 billion rupees ($1.5 billion), sources familiar with the matter told Reuters on Thursday.
The loans to be restructured include external commercial borrowing and debentures and involve 29 banks led by State Bank of India, said one of the sources.
"This proposal will be discussed in the next meeting, which is scheduled around Jan. 12," said the second source.
A third source said Bharati Shipyard had term loans of 28 billion rupees and working capital loans of 6 billion rupees. The company has ship-building orders worth 75 billion rupees on its books.
Bharati Shipyard officials declined to comment on the proposed restructuring.
The loans to be restructured include external commercial borrowing and debentures and involve 29 banks led by State Bank of India, said one of the sources.
"This proposal will be discussed in the next meeting, which is scheduled around Jan. 12," said the second source.
A third source said Bharati Shipyard had term loans of 28 billion rupees and working capital loans of 6 billion rupees. The company has ship-building orders worth 75 billion rupees on its books.
Bharati Shipyard officials declined to comment on the proposed restructuring.