ArcelorMittal To Take Over Debt-Ridden Essar Steel
The Hindu|March 09, 2019

Tribunal clears global magnate’s 42,000 cr. deal.

- Mahesh Langa
ArcelorMittal To Take Over Debt-Ridden Essar Steel

After a protracted legal battle, the National Company Law Tribunal (NCLT), Ahme­dabad, on Friday approved a 42,000 crore resolution plan of global steel magnate ArcelorMittal to take over the debt­ridden Essar Steel in Gujarat.

The approval for the me­ga deal came almost 583 days after the NCLT began the insolvency proceedings, instead of the mandated 270 days.

Bankruptcy proceedings

Essar Steel runs a 10­million­ tonne steel mill at Hazira in Gujarat and owes over 49,000 crore to over two dozen banks, led by the state­run SBI, and has been under bankruptcy proceed­ ings since June 2017.

Approval of the deal tran­ slates into a haircut of about 14% for the lenders.

この蚘事は The Hindu の March 09, 2019 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

この蚘事は The Hindu の March 09, 2019 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

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