Banks to take 55% haircut on Coastal Energen’s debt of Rs 6,500 crore

Lenders have agreed to sell the company’s debt to a consortium comprising Hong Kong’s alternative investment fund SSG Capital and the distressed debt unit of Deutsche Bank. A 55% haircut works out to an upfront cash payment of Rs 2,925 crore, which the lenders will receive in lieu of debt. They have also been offered a 15% equity in the firm.

from Banking/Finance-Industry-Economic Times https://ift.tt/34DRjkO