Promoters of Haldia Petrochemicals reassure?lenders on intent to resolve dispute

31-Jul-14

The West Bengal government and The Chatterjee Group (TCG), co-promoters of Haldia Petrochemicals Ltd (HPL), gave fresh assurances to the company’s lenders at a board meeting that they were taking steps to resolve their dispute in their bid to secure funds to restart operations, as per livemint.com. The government has agreed on the terms for the sale of 520 million of its 675 million shares to TCG, and lawyers are preparing the documents for the deal, said a person familiar with the development. Lenders are unwilling to stake more money on HPL unless its co-promoters end their spat over ownership and control. TCG and the government are asking lenders to restructure HPL’s loans and infuse working capital so that the firm could restart operations suspended on 7 July due to a technical problem.