Tag Archives: ABG Shipyard
ABG Shipyard, the debt-laden shipbuilder, is among the first list of 12 companies that the Reserve Bank of India has directed banks to refer to the bankruptcy court immediately. Alok Industries is the only other company in the first list so far where the bidder –– Reliance Industries and JM Financial ARC –– failed to receive 75% votes from lenders.
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London-based metals house Liberty House is the sole bidder of ABG Shipyard which is facing Rs 18,245 crore claims from financial creditors.
“The offer from Liberty is Rs 5,600 crore which would be payable only after the fifth year, and there would be no interest payment in the interim period,” said one of the person quoted above. “This is not acceptable to us,” he said.
According to the proposal, the amount will be paid over a period of 10 years and the first installment will b ..
