Mr Kirti Vagadia, Chief Financial Officer – Suzlon Group, said: “I regret to announce today that the bondholders’ meetings did not achieve the consensus we were hoping for and the four-month extension sought by us has not been granted."We firmly believe that the interests of all our stakeholders are best served by driving business performance, and therefore our primary focus is to capitalize on our strong business fundamentals, maintaining order momentum, and delivering on Project Transformation** to create a leaner, more efficient and agile global organization.
"We continue to enjoy the support and confidence of our secured lenders for our business objectives. We believe our ongoing engagement with them and our bondholders continues to be both constructive and progressive, and geared towards addressing our liabilities and our overall capital structure in a holistic manner. We expect that an acceptable solution for all stakeholders will be arrived at the earliest possible.
"Suzlon Group appreciates the loyalty of its customers, the support of its suppliers and the dedication of its employees through this process. In addition, with an order book in excess of US$7.2 billion, we believe the business can - and will - stabilize and the Group's senior management is committed to restoring the company to a position of strength".
NOTES:
Suzlon Energy Limited issued US$ 200 mn Zero Coupon Convertible Bonds due October 2012 and US$ 20.8 mn 7.5 per cent Convertible Bonds due October 2012.
Suzlon, on 18th September 2012, requested bondholders for a four month extension of October FCCBs to allow it to close various financing measures and meet its redemption obligations in complete alignment with all stakeholders.
** Suzlon Group in August 2012 announced a new imitative - Project Transformation - to reduce its annual operating expenditure and manpower costs by 20 per cent by the end of the fiscal year 2013.
Sourced From: Suzlon Energy Limited
