Lenders approve Uganda-based INSCO's ₹2,257-crore plan for Hindusthan Glass
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A committee of creditors who include State Bank of India , Edelweiss Asset Reconstruction Company and DBS Bank has cleared Uganda-based Independent Sugar Corp's revised resolution plan for bankrupt Hindusthan National Glass HNG ).Under the Supreme Court-approved proposal, Independent Sugar Corp (INSCO) has improved its initial offer by ₹356 crore to ₹2,257 crore. The committee cleared it with 96.16% of votes in favour. INSCO has agreed to pay ₹1,901.5 crore upfront through a mix of equity, quasi-equity and debt. An additional deferred payment of ₹356.3 crore will be made to secured financial creditors over three years, funded from HNG's future cash flows.Secured financial creditors will get ₹2,207 crore, or 66.18% of their admitted claims of ₹3,335 crore. The ₹2,257 crore proposal also covers payment to operational creditors like employees. Letters of support from debt funds for both the upfront payment and working capital needs have been submitted as part of the plan. INSCO has proposed a strategy involving a ₹1,000 crore capital expenditure to turn around HNG's operations. The plan focuses on rebuilding furnaces and upgrading equipment to revive the largest container glass manufacturer.
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