Elder Pharma files for insolvency

Company's debts stood at Rs, 1000 crore at June-end in 2014

Elder Pharmaceuticals has filed for insolvency, in an attempt to restructure its debt, according to a source.

The company had suffered a loss of Rs 51 crore in the quarter ended March 2015. 

It was the last intimation by Elder to the BSE on its financials.It had an unpaid debt of around Rs 1,000 crore as on end of June 2014. Trading of its shares has been suspended on the bourses.

An insolvency professional told Business Standard, “With its high debt and inability to pay it, the company itself has gone for insolvency. Now, it can come up with a restructuring plan.”

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