TodayEco.com

11 Oct '12, 3pm

Wind Turbine Manufacturer Suzlon Set to Default on Bond Debt

Wind Turbine Manufacturer Suzlon Set to Default on Bond Debt

Suzlon won’t be able to redeem two notes maturing today after bondholders rejected its request for a four-month extension, according to a statement sent to the Singapore stock exchange. The company’s default will total $209 million, and it has started talks with senior-secured lenders and bondholders on options, said two people familiar with the matter, who asked not to be identified because those details are confidential. Suzlon, which has lost money for three years, has accumulated $2.8 billion in debt, including $965 million in revolving facilities, from acquisitions made before a global supply glut depressed turbine prices by 23 percent from their peak in 2009, according to data compiled by Bloomberg. The Pune- based manufacturer’s failure to pay will raise the amount of convertible defaults from India to $664 million this year and tops Sterling Biotech Ltd.’s $184 mil...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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