India's Bharati Shipyard Ltd said on Monday its board has approved a proposal to restructure loans worth 28.54 billion rupees ($538.86 million) out of its total outstanding debt of 32.50 billion rupees.
Reuters had reported last Thursday that lenders to Bharati Shipyard want to restructure about $1.5 billion of loans, including borrowings the company took on to fund two takeovers that overstretched its balance sheet.
The company currently has an order book of about 68 billion rupees to be executed by 2014 and is in the advanced stage of completion of its two greenfield shipyards, the shipbuilder said in a statement to the Bombay Stock exchange.
"In view of the overall sectoral slowdown and the economic challenging scenario in the European countries and the rising cost of capital, the company will undertake various initiatives to optimise and make productive use of current resources and assets," the company said.
Reuters had reported last Thursday that lenders to Bharati Shipyard want to restructure about $1.5 billion of loans, including borrowings the company took on to fund two takeovers that overstretched its balance sheet.
The company currently has an order book of about 68 billion rupees to be executed by 2014 and is in the advanced stage of completion of its two greenfield shipyards, the shipbuilder said in a statement to the Bombay Stock exchange.
"In view of the overall sectoral slowdown and the economic challenging scenario in the European countries and the rising cost of capital, the company will undertake various initiatives to optimise and make productive use of current resources and assets," the company said.