In Surprise Move, Essar Steel Promoters Offer to Repay Lenders and Halt Bankruptcy Sale
10/25/2018 - India’s Ruia family, which promotes Essar Steel India Ltd., have made a last-ditch effort to reclaim the bankrupt business, offering to pay off the equivalent of US$7.4 billion, just as creditors were to vote on a bid from ArcelorMittal.
“We believe our current proposal will provide 100% recovery to secured creditors and lenders, and maximum recovery for unsecured creditors. This is well in excess of that offered in the proposal under consideration, and is in line with value maximization, which is the underlying principle of (India’s Insolvency and Bankruptcy Code),” said Prashant Ruia, director of the Essar group.
The online publication The Wire has more here.
