Pharmaceutical company Wockhardt Ltd is seeking shareholder approval through a postal ballot process to continue to restructure its debt, in according with a corporate debt restructuring package. The company had suffered sizeable derivative-related losses when the global financial crisis hit companies. It also had substantial debt taken for overseas acquisitions. Continue Reading →
Debt restructuring
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Wockhardt sells Farex and Protinex to Abbott for $130mn
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Debt-laden pharmaceutical company Wockhardt continued its asset selling spree, handing over its nutritional foods business to Abbott. The US pharmaceutical company will pay $130mn or Rs 627 crore, for the business which will be distributed between Wockhardt, Carol Info Services, some subsidiaries of Wockhardt and associate companies. Continue Reading →
Filed under: Companies, Top News, Abbott, Companies International, Debt restructuring, M&A, Nutritional Product, Wockhardt
Wockhardt restructures debt, CDR approves package
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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.
Filed under: Companies, Quick News, Corporate Debt, Debt restructuring, FCCB, Markets Debt & Forex Markets, Pharmaceutical, Wockhardt
Arvind restructures Rs 904 crore debt; promoters to subscribe to warrants
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The additional breathing space is important as the company is going through a difficult phase. In April-December 2008, revenues grew by 7.4% to Rs 1733 crore but higher material and energy costs hit margins. Its operating profit was down by a tenth though it was still a respectable figure at Rs 193 crore.