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Wockhardt has announced that the corporate debt restructuring cell (CDR) has approved the corporate debt restructuring package on June 30, 2009. The company has accepted the CDR package which involves restructuring of debt, release of working capital and fresh priority debt pending divestment of non-core businesses.
Sebi too has pitched in to try and revive the corporate debt market. The lack of a vibrant secondary debt market has been one of the biggest cribs of the financial services industry. The primary market is not rocking, either. So, everyone from the finance ministry, the stock exchanges, RBI and Sebi have been putting on their thinking caps, trying to change things, over many years.