Thursday, November 15, 2012

SUZLON'S FCCB DEFAULT – INDIA'S BIGGEST

Wind turbine manufacturer Suzlon Energy has defaulted on $221 million worth of foreign
currency convertible bonds (FCCBs) maturing on October 11, 2012, after it failed to get an
extension from bondholders. This is the biggest FCCB default by an Indian corporate, topping
Sterling Biotech's $184-million delinquency in May and takes the quantum of defaults on convertibles to $664 million this year.

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