Rattanindia resolves debt with lenders through one-time settlement

RattanIndia Power

31/12/2019 06:06

BENGALURU, Dec 31 (Reuters) - Rattanindia Power Ltd
 RTNP.NS  said it had reached a one-time settlement of 40.50
billion rupees ($568.32 million) with its lenders for a debt
transfer in the largest resolution of stressed assets outside
the National Company Law Tribunal's framework. 
     A consortium of 12 lenders led by Power Finance Corp
 PWFC.NS  and State Bank of India  SBI.NS  assigned the existing
principal debt of 65.74 billion rupees to a set of new investors
and lenders, led by Goldman Sachs and Varde Partners for 40.50
billion rupees.
    This was the first successful scheme to have been closed
under the Reserve Bank of India's Prudential Framework for
resolution of stressed assets, the power generation company said
in a filing https://bit.ly/2SM9AK5 late Monday.


($1 = 71.2625 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi
Aich)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8067496031); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))