McLeod Russel India Tea

Sources close to the development indicated that the settlement between McLeod promoters and IL&FS included a combination of payment of an amount and land

CMD Khaitan says banks have been very supportive and have come to a conclusion on what debt restructuring resolution should be

Carbon Resources has offered an upfront payment of Rs 1,245 crore of an estimated outstanding bank debt of Rs 1,650 crore

The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore

The would-be acquirer makes non-binding offer to banks to settle the bulk tea producer's dues

Bankers support the company as it engages with them 'very consciously', says CEO Aditya Khaitan.

This is the first time the financially stressed McLeod has made public the total payment it has defaulted with the lenders under this new regulation

Viability of the tea industry is another factor that is holding back companies from bidding for India's largest tea company

Assam Company's tea estates have been in a state of neglect owing to years of stress on the company's revenues and margins

Harrison Malayalam and McLeod Russel India were up more than 10%, while Jay Shree Tea, Dhunseri Tea, Goodricke Group, Warren Tea and Rossell India were up between 5% and 10% today

McLeod Russel India, Jay Shree Tea, Tata Global, Warren Tea, Goodrick Group, Dhunseri Tea, B&A, Terai Tea and Harrisons Malayalam hit their respective 52-week highs.