Suzlon says reaches deal to restructure $1.8 billion debt

MUMBAI Thu Jan 24, 2013 4:05pm IST

Maintenance engineers work on top of a power generating wind turbine at Suzlon wind farm in Surajbari village, about 275 km (171 miles) west of Ahmedabad, December 14, 2009. REUTERS/Amit Dave/Files

Maintenance engineers work on top of a power generating wind turbine at Suzlon wind farm in Surajbari village, about 275 km (171 miles) west of Ahmedabad, December 14, 2009.

Credit: Reuters/Amit Dave/Files

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MUMBAI (Reuters) - Lenders to Suzlon Energy Ltd (SUZL.NS) have approved the wind turbine maker's corporate debt restructuring plan for $1.8 billion, the company said on Thursday.

The deal would give the world's fifth-largest wind turbine maker, which defaulted on a $200 million convertible bond redemption in October, enhanced working capital facilities by $350 million, it said in a statement.

"The package includes a two-year moratorium on principal and term-debt interest payments, a three percent reduction in interest rates, six-month moratorium on working capital interest ..." it said.

Also $270 million, or two year's interest payment during moratorium, will be converted into equity or equity-linked instruments over the next two years, it said.

(Reporting by Ranjit Gangadharan; Editing by Anupama Dwivedi)

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