Financial Daily from THE HINDU group of publications
Tuesday, Jan 20, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Corporate - Restructuring


Haldia Petro lenders' meet on Jan 22

Our Bureau

Kolkata , Jan. 19

A MEETING of Haldia Petrochemical Ltd's (HPL) lenders has been convened on January 22 by the CDR (Corporate Debt Restructuring) Standing Forum, paving the way for optimism regarding the conclusion of the debt restructuring process.

The meeting is slated to be attended by the executive directors of HPL's battery of lenders. The process, kicked off under the Reserve Bank of India's time-bound CDR mechanism, had a zero date of October 22, 2003. It was to be completed within 60 days by December 22. However, it missed that deadline and is currently on a month-long extension.

Earlier, two of the company's key promoters — Dr Purnendu Chatterjee of Chatterjee Petrochem (Mauritius) and Dr Sabyasachi Sen, Industry Secretary to the West Bengal Government, had held a meeting with the lenders on January 5, "where the board contours of the proposed package" were agreed upon.

Its third promoter — the Tatas are slated to exit the company, retaining only a portion of their 14 per cent holding as a `special gesture'. One of the options discussed at that meeting was an initial public offering by HPL, which would be underwritten by Dr Chatterjee. The Rs 5,700-crore company has a debt-equity ratio of 4.5:1 and an annual debt service burden of Rs 500 crore.

More Stories on : Restructuring | Petrochemicals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Human trials on Orchid's new anti-inflammatory drug in June


Suven Life allots preferential shares
Lotte makes open offer for 20 pc Parrys stake
Norms eased for external commercial borrowings
Changes in ECB guidelines `a step towards full convertibility'
SC gives go-ahead to Essar Oil project
Finolex Cables Q3 net up 52 pc
Haldia Petro lenders' meet on Jan 22
Birla Sun holding in Heritage Foods up
Visaka setting up Rs 18-cr asbestos unit
Chemfab Alkalies to put up Rs 30-cr desalination plant
`Amend norms on enlisting company secretary services'
Power Trading Corpn to float IPO for raising Rs 59 cr
ICI Paints upbeat on southern markets
Ashok Leyland plans Rs 390-cr investment — May make a foray into China, Pakistan
IBP to tap new areas to sustain industrial explosive business
S.M. Datta at EID Parry helm



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line