Indian wind turbine supplier Suzlon Energy Ltd. is planning to recast its debt at a much higher discount than what banks are considering, Bloomberg News reported Jan. 3, citing people familiar with the matter.

Suzlon is offering to exchange its approximately 113 billion rupees of outstanding debt into 36 billion rupees of new debt. This represents a 68% haircut, which is steeper than the 50% discount the lenders are initially considering, according to the unnamed sources.

A meeting with creditors is scheduled in the coming week, one of the sources reportedly said.

As of Jan. 2, US$1 was equivalent to 71.33 Indian rupees.