Tulip Telecom Ltd., a provider of enterprise data services in India, said the Empowered Group of the Corporate Debt Restructuring (CDR) Cell gave the formal approval of the company's proposal for the restructuring of its debt.
The company's domestic lenders, a consortium of 13 banks and financial institutions, approved by the company's CDR package. The package includes a 30 month moratorium on principal and 18 months moratorium on interest.
The promoters of Tulip Telecom have already infused the required promoter's contribution of Rs.60 crore as required by the approval, which shall be converted into equity.
Regarding the company's FCCB redemption, Tulip's ongoing engagement with bondholders continues to be both constructive and progressive, and it expects to reach an acceptable solution for all stakeholders at the earliest possible date.
Chairman and Managing Director H.S. Bedi said, "Tulip has built a strong infrastructure for its enterprise data business and this approval shows the long-term commercial viability of our business. I am confident that this CDR package will enable the company to quickly return to a position of strength. We have been able to retain all our marque customers over the past year and intend to quickly turn our business around with the strong support of our customers, employees, vendors and partners."
At the BSE, Tulip Telecom closed Thursday's trading at Rs.18.50, down 4.88 percent from the previous close.
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