Seek debt restructuring but haven’t defaulted on dues: JSL
June 25th, 2009
Source-based reports say JSL, formerly Jindal Stainless, is looking at a corporate debt restructuring (CDR) exercise. Commenting on the development, Arvind Parakh, Director – Strategy and Business Development of JSL, said the company’s total borrowing stood at Rs 5,600 crore while the cash in hand was Rs 1,400 crore.
JSL was looking at voluntarily debt restructuring to complete the Orissa and that the project’s financial closure had already been achieved, Parakh said. The company was negotiating with banks for its repayment schedules, he said, but added that it had not defaulted on dues till now.