Suzlon to Sell German Unit to Centerbridge for $1.2 Billion

Suzlon Energy Ltd., which suffered India’s biggest convertible-bond default in 2012, agreed to sell its German unit to funds managed by Centerbridge Partners, L.P. for 1 billion euros ($1.2 billion) in cash as it reorganizes debt.

Proceeds from the sale of Hamburg-based Senvion SE will be used to pare borrowings, and Suzlon will focus on home and high-growth markets, Asia’s second-biggest wind-turbine maker said in a statement. The deal is expected to be completed before the end of March.