Suzlon fails to make bond payment of $172 million

Mumbai: Stressed wind turbine maker Suzlon Energy said it has failed to make the payment of principal amount of the outstanding Bonds, to the tune of $ 172 million, which was due on Tuesday.

“ The Company is working on holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt (including the Bonds),” Suzlon said in a release.

Suzlon has told bondholders that they will have to wait until banks accept its proposed one-time settlement plan.


The one-time settlement offered to banks by Suzlon was dependent on a deal being negotiated with Canadian investor Brookfield, which is interested in acquiring equity in the Tulsi Tanti led company that has net term debt, including FCCBs, of Rs 7,761 crore and working capital debt of Rs 3,380 crore.

Ahead of the default, Suzlon shares closed 3.1 per cent lower at Rs 4.67 a share on the BSE.