Troubled turbine manufacturer Suzlon has denied stories in the local press in India that it is filing for bankruptcy with the country’s National Company Law Tribunal.
The company said that the “article published is without any base and far from factual position”, in a statement to the Mumbai Stock Exchange.
It added that “as a listed entity, we do not wish to get in to clarifying media query, which gets in to spiral, and instead we chose to use the stock exchanges’ disclosure platform”.
Suzlon said that its “debt resolution and revival plans have never been dependent on any single option” and it continues to “work hard” with its lenders for a “sustainable resolution plan to preserve the value of the company”.
The lenders have already signed an inter-creditor agreement and have until January 2020 to work on a “sustainable resolution plan before taking any extreme steps”, the company said.
Suzlon shares were trading at Rs.2.27 at press time, down from Rs2.53 at the start of the day.
In May, Suzlon reported debt of Rs11bn for the end of fiscal year 2019 with a total loss for the 12 months of Rs1537 crores (€195m).
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.