Essar Steel lenders may get more than Rs 42,000 cr from resolution process

Lenders to Essar Steel may get more than Rs 42,000 crore from the resolution process.

Lenders and ArcelorMittal have mutually agreed to appoint Grant Thorton for an audit of Essar’s Ebitda (earnings before interest, tax, depreciation, and amortisation), which will flow to the lenders, said sources close to the development. 

Grant Thornton didn’t comment citing client confidentiality clauses. ArcelorMittal didn’t comment either.

According to clauses of the request for proposal document, the Ebidta will flow to the lenders, said sources. The minimum guarantee is Rs 2,500 crore.

As part of the bid, ArcelorMittal was making an upfront payment of Rs