UPDATE 1-Essar Steel India proposes $7.42 bln settlement to creditors [Reuters]
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Source: Reuters
Essar Steel India proposes $7.42 billion settlement to creditors | Reuters 2 Min Read (Reuters) - Essar Steel India Ltd said its board and shareholders have offered to pay 543.89 billion rupees ($7.42 billion) to creditors to settle their claims, allowing the company to exit from a bankruptcy process. The steelmaker, owned by the billionaire Ruia brothers, is one of a group of companies that are among India’s biggest debt defaulters that were pushed into the bankruptcy court last year after a central bank order that was aimed at clearing record bad loans at the country’s banks. Essar Steel’s plan consists of an upfront cash payment of 475.07 billion rupees to all creditors, including a 455.59 billion rupees to the senior secured financial creditors. The company submitted a proposal to its creditor committee on Thursday for settlement of the entire claims of the financial creditors, operational creditors, workmen and employees of Essar Steel India. The offer will lead to “full upfront
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- ArcelorMittal S.A. (NYSE: MT) had its "hold" rating re-affirmed by analysts at Deutsche Bank Aktiengesellschaft. They now have a $31.00 price target on the stock, down previously from $34.00.MarketBeat
- ArcelorMittal's Irina Gorbounova Joins CHAR Tech Board of Directors [Yahoo! Finance]Yahoo! Finance
MT
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- 2/8/24 - Beat
MT
Sec Filings
- 4/23/24 - Form 6-K
- 4/10/24 - Form 6-K
- 4/8/24 - Form F-3ASR
- MT's page on the SEC website