|
| Exchange Received Time 05/06/2017 10:26:12 Exchange Disseminated Time 05/06/2017 10:26:15 Time Taken 00:00:03 | Sub: Adoption of S4A Scheme by Joint Lenders Forum
The Joint Lender Forum of MSP Steel & Power Limited (MSPL) in its meeting held on 2nd June 2017 has decided to resolve the account under Guidelines for 'Scheme for Sustainable Structuring of Stressed Assets Scheme (S4A)' issued by the RBI and decided to forward the restructuring proposal to the Overseeing Committee.
Under S4A, the existing Debt of the company will be bifurcated into two parts -
(1) Part- A comprising sustainable debt which will be 52% of existing debt and will have to be serviced as per the terms and conditions existing for the facilities and
(2) Part - B being unsustainable part of loan which can either be converted into Equity shares of the company and/or Optionally Convertible Preference Shares/Optionally Convertible Debentures as per the requirement of the S4A Guidelines issued by the RBI.
The company feels that it's a positive move from the lenders and will benefit the long term prospects of the company.
|
|
|