Suzlon
has
been
negotiating
for
several
months
with
its
key
lenders
under
India’s
CDR
(corporate
debt
restructuring)
mechanism.
Today
the
company
said
it
has
formally
agreed
a
CDR
package
with
a
consortium
of
19
banks.
The
deal
includes
a
two-year
moratorium
on
principal
and
term-debt
interest
payments,
a
3%
reduction
in
interest
rates
and
a
six-month
moratorium
on
working
capital
interest.
Suzlon
adds:
“As
part
of
the
package
$
270m
(two
year’s
interest
payment
during
moratorium)
will
be
converted
into
equity
/equity-linked
instrument
over
the
next
two
years
to
bring
stronger
financial
stability."
The
deal…
