Suzlon insisted it has multiple options to restructure its debts after reports claimed the Indian wind OEM had to scrap a planned $1.2bn settlement offer when Vestas withdrew its support.
Suzlon responded in a filing to the Mumbai Stock Exchange after regulators asked for clarification of its position. India’s Economic Times had reported Suzlon – which has already defaulted on a chunk of its debts – withdrew the restructuring plan when it lost the support of the Danish giant.
“We wish to clarify that Suzlon's debt resolution and revival plans have never been dependent on any single option,” said Suzlon. “We wish to reiterate that we continue to work on significant debt reduction alongside with our lenders.”
Vestas has never confirmed or denied its interest in taking a majority stake in Suzlon.
The debt-laden Indian OEM endured another tough day on the Mumbai exchange yesterday, as its shares ended more than 12% lower at a near year-low of 2.81 rupees.