Suzlon defaults on $172-mn bonds, in talks with investors for stake sale

In October 2012, when Suzlon defaulted on a repayment of $221 million, it was India's biggest bond default till then

Wind energy major Suzlon Energy did not pay its bondholders for $172-million in foreign currency convertible bonds (FCCBs) which were due on Tuesday, the company disclosed to the BSE exchange. The $172 million was part of a bond series first restructured in 2014.

“The company is working on a holistic solution for its debt and continues to be in discussion with various stakeholders in relation to its outstanding debt, including the bonds,” Suzlon stated.

Sources say it has been in talks with investors like Brookfield for a stake sale. In October 2012, when Suzlon defaulted on a repayment of $221 million, that