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You are here: Home>Collections>Debt Restructuring

Court approves Arvind Mills debt

restructuring plan
PTI Apr 9, 2002, 04.15pm IST
MUMBAI: The Gujarat High Court has approved over Rs 2,700 crore debt restructuring plan
of Ahmedabad-based Arvind Mills. This decision of the HC makes the debt restructuring plan
legally binding on the company as well as on all lenders, including the dissenting ones,
Arvind Mills Managing Director Sanjay Lalbhai said in a release here on Tuesday. The
company planed to restructure debt of over Rs 2,700 crore owed to more than 80 lenders,
including several foreign lenders, he said. Arvind Mills chief financial officer Jayesh Shah
said the plan would provide a permanent reduction in the interest burden of the company. The
denim major had already tied up necessary funds by realising proceeds of non-core assets,
rights issue of equity shares, fresh borrowings and internal accurals to meet its debt buy back
commitments, he added. PTI
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