To Sell Vizag Insulator Manufacturing Plant To Winwin Speciality Insulators Ltd

W S Industries (India)

14/01/2020 06:55

Jan 14 (Reuters) - W.S. Industries (India) Ltd  WSIN.NS :
    * TO SELL/TRANSFER ITS INSULATOR MANUFACTURING PLANT ("VIZAG
UNDERTAKING") WINWIN SPECIALITY INSULATORS LIMITED
    * EXECUTE A NON- BINDING MEMORANDUM OF UNDERSTANDING BETWEEN
COMPANY ALLIUM FINANCE PRIVATE LIMITED
    * PURCHASER HAS REACHED AGREEMENT WITH COMPANY AND SECURED
LENDERS
FOR A NET PAYMENT CONSIDERATION OF 208.5 MILLION RUPEES
    * DUE TO VARIOUS PROBLEMS IMPACTING COMPANY'S OPERATIONS,
OUTSTANDING DUES TO SECURED LENDERS HAVE ACCUMULATED
    * SECURED LENDERS HAD ALSO EXERCISED THEIR VARIOUS RIGHTS AS
SECURED FINANCIAL CREDITORS
    * TO UTILIZE CONSIDERATION FOR PART REPAYMENT OF OUTSTANDING
LIABILITIES OWED TO THEM AND TO REDUCE INTEREST BURDEN

Source text for Eikon:  ID:nBSE8S3Pj7 
Further company coverage:  WSIN.NS 

 ((Reuters.Briefs@thomsonreuters.com;))