Lenders ask Ramky to go for debt rejig

HYDERABAD: City-based infra player Ramky Infrastructure Ltd on Monday informed the bourses that the Joint Lenders Forum (JLF), a group formed by its lenders, has asked the company to go for debt restructuring.
“The JLF of consortium banks, in order to arrive at an early and feasible solution and preserve the economic value of the underlying assets as well as the lenders’ loans, has advised the company to go for restructuring under JLF as the corrective action plan (CAP).The company has submitted its CAP to State Bank of India, the lead member of the lenders consortium, and the JLF will finalize the restructuring package,” said the company, which has a debt of over Rs 3,000 crore and has been running into losses.
During the half-year ended September 30, 2014, the company reported higher losses of Rs 282.12 crore as against Rs 106.16 crore losses during the year ago period. Even during the second quarter ended September 30, 2014, Ramky’s losses mounted to Rs 190.53 crore from Rs 72.04 crore during the corresponding quarter of the last financial year.