Haldia Petrochemicals gets ultimatum from lenders

23-May-12
As Haldia Petrochemicals' debt mounts towards Rs. 4,000 crore, lenders are concerned about its ability to repay loans amid mounting losses, as per Mint. The lenders of HPL have told the warring co-promoters TCG and West Bengal government---that working capital loans wouldn't be forthcoming unless they made a "commitment in writing" to yield control to "an investor with deep pockets" or themselves infused cash into the beleaguered firm. HPL has already drawn nearlyRs.2,000 crore of working capital loans, and needs more money to keep its plant running, said another director, who also declined to be named. Though the state government has no problems about introducing another investor, it is bound by agreements with TCG and cannot sell unilaterally.
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