Suzlon Energy Ltd. is facing an uphill battle to reduce its debt, after rescinding a $1.2 billion payment offer to its lenders.
The India-based wind turbine supplier withdrew the offer after Danish counterpart Vestas Wind Systems A/S backed out of the debt resolution plan, Bloomberg News reported Sept. 6, citing people familiar with the matter.
In February, it was reported that Vestas was looking to acquire a controlling stake in Suzlon, which had been the sole offer on the table after Brookfield Asset Management Inc. walked out of talks to potentially buy a majority interest in August.
Suzlon's lenders, led by State Bank of India, have yet to reveal their next steps on how to resolve the issue, according to the report.
