ABG Shipyard: Lenders invoke rights to change ownership

Debt-laden ABG Shipyard today said its lenders have shortlisted few "prospective bidders" for the company after invoking their rights to change the ownership.
The board of ABG Shipyard has authorised a few top officials, including chairman Rishi Agarwal, to take necessary steps with respect to the transaction proposed by the lenders.
Besides Agarwal, company's executive director S Muthuswamy and CFO Hasmukh Daftary have also been authorised to "initiate all the necessary steps, deal with, modify, alter, amend, finalise and execute any agreements".
These would be in connection with the lenders and the company identifying and engaging with the prospective bidders for the proposed transaction, the company said in a filing to the BSE.

In view of the financial challenges faced by the company, the lenders to the company in meetings of joint lenders forum have decided to invoke the rights of the lenders to change the ownership of the company or to acquire assets and/or liabilities--which may constitute a part or whole of the undertaking--of the company.
"The process of selection of the eligible investor is being conducted as a bid process, by the lenders...," it said.