Suzlon defaults on bond payments of USD 172 mn

Wind turbine maker Suzlon Energy Tuesday defaulted on a payment of USD 172 million worth of principal amount related to outstanding bonds. "The company has not made the payment of the principal amount of the outstanding bonds, being USD 172,000,000 (about Rs 1,180 crore), which was due on July 16, 2019, (Tuesday) in accordance with the terms and conditions of the bonds," Suzlon Energy said in a statement.

It added that the company is working on a holistic solution for its debt and continues to be in discussions with various stakeholders in relation to its outstanding debt, including the bonds. The outstanding principal amount of USD 172 million was part of a bond issue of USD 546.91 million.