The board of troubled turbine manufacturer Suzlon has approved a wide-ranging debt restructuring strategy in a bid to turn the company’s fortunes around.
Included in the measures signed off on Thursday are a proposed sale of shares, the selling off of unspecified assets and changes to the outfit’s articles of association.
The board also appointed Sameer Shah, a senior executive with 35 years’ experience including with Deutsche Bank, as an independent director from 27 February for a term of five years.
The board ordered that the plan be put to an EGM for further approval.
State Bank of India meanwhile confirmed that a rescue plan for the company has achieved an RP-4 rating, which means it has a “moderate degree of safety regarding timely servicing of financial obligations”.
Suzlon currently is carrying some €1.5bn in debt. Earlier this month, it posted a RS743 crores (€95m) loss in the quarter ending 31 December 2019 as its troubled turbine business continued to operate at a “subdued level”.