Troubled turbine manufacturer Suzlon expects to finalise debt restructuring by the end of the year, according to local media reports in India.
The Economic Times of India quoted Suzlon chairman Tulsi Tanti as saying discussions on debt restructuring are ongoing with banks.
“By the end of this month, we will finalise it,” the Economic Times reported Tanti as saying.
“Bankers realise that India cannot afford to lose a company which is the largest in its wind energy space,” Tanti was quoted as saying.
Suzlon told reNEWS the company had no further comments to make regarding the article.
In October, Tanti was quoted in the Mint financial newspaper as saying the company had found a “new suitor”, without giving further details.
Earlier in the year, in September, it was reported by Bloomberg that a potential debt resolution deal supported by Vestas fell through when the latter withdrew support, while in August a similar deal with Brookfield Asset Management was also reported to have come to nothing.
In May, Suzlon reported debt of Rs11bn for the end of the 2019 fiscal year, with a total loss for the 12 months of Rs1536 crores.
In the company’s latest results, for the second quarter of the 2020 financial year, Suzlon posted a loss of Rs778 crores, wider than the loss of Rs628 crores reported in the same period last year.