Himachal Futuristic Communications Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on May 11, 2011 have considered and approved the Sanction of Rework of Corporate Debt Restructuring (CDR) Package by its lenders through the Empowered Group of CDR Cell , Sanction of said Rework Package received from IDBI Bank Limited and Oriental Bank of Commerce (OBC). The Rework Package inter-alia includes; waiver of penal interest, liquidated damages on all loans and premium on Zero Coupon Premium Bonds (ZCPBs); settlement of certain liabilities on 0TS basis; reduction in interest rate on all loans with effect from cutoff date i.e. January 01, 2011; re-schedulement and elongation of repayment period of term loans; conversion of some of loans into equity etc.
The aforesaid restructuring will improve the cash flow and strengthen the financial position of the Company.
Sensex
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Wednesday, May 11, 2011
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