18 Foreign lenders of JSPL agree to reconstruct debt
DSIJ Intelligence / 21 Mar 2017
18 foreign banks, including Standard Chartered Plc., Barclays Plc., and Deutsche Bank AG, have agreed to restructure loans of $550 million given to Jindal Steel and Power Ltd., (JSPL).
As per the media reports, The lenders agreed to a moratorium between three and five years on repayments after meeting JSPL's chairperson, Naveen Jindal, earlier this month.
The decision to restructure the debt has been taken because the commodity cycle has improved since the company defaulted on repayments, and the lenders feel restructuring the debt will help the company to improve cash flows.
JSPL’s consolidated gross debt stood at $6.9 billion as of September 30, against $7.3 billion at the end of March 2016.
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