India: SBI, ICICI, Axis Bank lead push for strategic debt restructuring in Lanco

India: SBI, ICICI, Axis Bank lead push for strategic debt restructuring in Lanco

On 10 August, Lanco Infratech said a consortium of nine lenders had decided to invoke RBI’s SDR route and had chosen to convert a majority of their debt into equity in Lanco Teesta. Photo: Mint

Lanco Infratech Ltd’s lenders had had enough. The infrastructure company had made plenty of promises during its debt-restructuring negotiations with banks in 2013 as it sought to recast about Rs.7,000 crore in loans. A year and a half later, only a few of those promises had been honoured.

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