Suzlon Says Bondholders Approve Restructuring Plan
This article is for subscribers only.
Suzlon Energy Ltd. said creditors approved a plan to issue about $547 million of convertible bonds, helping India’s biggest defaulter on debt exchangeable into equity clear a fundraising hurdle.
Asia’s second-largest wind-turbine maker will offer the five-year securities as replacement for four older convertible notes, plus overdue interest, according to the restructuring plan. Investors holding its October 2012, July 2014 and April 2016 bonds voted in favor at meetings held in London yesterday, the company said in an e-mailed statement July 9.