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Educomp Solutions Ltd has announced that the earlier Board of Directors of the Company on June 27, 2013 had approved reference by the Company to CDR Cell for restructuring of its debts. The CDR Cell had admitted the Flash Report of Company in its meeting held on July 25, 2013.
The Company has now to inform that the request for Restructuring its Debts outstanding on Reference date (July 08, 2013) comprising Working Capital Debt of Rs. 399.04 crore and Long Term Debt of Rs. 83.05 crore with CDR Lenders has been approved by CDR Empowered Group vide Letter of Approval dated March 19, 2014.
The restructuring package agreed with CDR Lenders (led by State Bank of Patiala) envisages extended repayment tenure of 10 years including moratorium period of 2.5 years from Cut off Date (April 01, 2013) and funding of interest for a period of 2 years from Cut off Date.