McLeod Russel in exclusive talks with Carbon Resources for OTS to lenders

The agreement expresses the parties' interests in continuing exclusive discussions in the matter and does not create any legally binding obligation on any party, it added

McLeod Russel India, the country’s largest bulk tea producer and part of the B K Khaitan group, said on Saturday that it had approved the execution of an ‘exclusivity agreement’ with Carbon Resources for a one-time settlement (OTS) of debt to lenders.

In a filing, McLeod said that the board had considered and approved the execution of an exclusivity agreement with Carbon Resources for a period of 60 days to exclusively discuss, negotiate and evaluate a mutually agreeable mechanism for the company to offer a proposed one-time settlement of the debt to its identified lenders pursuant to a debt