Gujarat NRE Coke receives CDR approval
Gujarat NRE Coke Ltd (GNCL) on Tuesday declared the formal approval from the Empowered Group of Corporate Debt Restructuring Cell (CDR), for the restructuring of the debts, here.
The salient features of the approval include debt restructured for 10 year door - to - door, with two year moratorium and ballooning repayment.
The CDR include funding of interest for two years, competitive pricing /interest rate, additional need based working captial aggregating to Rs 370 crores and a fresh Term Loan of Rs.50 cr for completing the Waste Heat Recovery Based (WHRB) power plants at Dharwad, Karnataka.
Speaking on the development, Arun Kumar Jagatramka, Chairman and Managing Director, Gujarat NRE Coke Ltd said, "The approval of the CDR package establishes the fundamental viability of our business. The package would certainly help us in realigning our debts and help revive the company."
"I am confident that with the continued support of our lenders, customers, vendors and all stakeholders of the company, we would be very soon be able to achieve stability and produce tangible results which would meet the expectations of all our stakeholders", Jagatramka said.
(Posted on 25-03-2014)