Lenders approve Gujarat NRE's CDR

Lenders today approved the debt restructuring package of met coke producer Gujarat NRE Coke, enabling the company to reduce its interest burden.
The CDR package approved by the Empowered Group of Corporate Debt Restructuring (CDR) cell included a 10-year loan restructuring period with a two-year moratorium on ballooning repayment.
The lenders had also provided interest funding for two years, while an additional need-based working capital of Rs 370 crore had also been approved, the company said in a statement, adding that approval of the CDR would help in revival of the company.