October 11, 2012
Suzlon Group: October FCCBs update
Pune / Mumbai: Suzlon Group, the worlds fifth* largest wind turbine maker, today
announced the result of its proposal to bondholders seeking a four-month extension
of the maturity dates of the two series of Foreign Convertible Currency Bonds
(FCCBs) due in October 2012.
Mr Kirti Vagadia, Chief Financial Officer Suzlon Group, said: I regret to
announce today that the bondholders meetings did not achieve the consensus we
were hoping for and the four-month extension sought by us has not been granted.
We firmly believe that the interests of all our stakeholders are best served by
driving business performance, and therefore our primary focus is to capitalize on our
strong business fundamentals, maintaining order momentum, and delivering on
Project Transformation** to create a leaner, more efficient and agile global
organization.
We continue to enjoy the support and confidence of our secured lenders for our
business objectives. We believe our ongoing engagement with them and our
bondholders continues to be both constructive and progressive, and geared towards
addressing our liabilities and our overall capital structure in a holistic manner. We
expect that an acceptable solution for all stakeholders will be arrived at the earliest
possible.
Suzlon Group appreciates the loyalty of its customers, the support of its suppliers
and the dedication of its employees through this process. In addition, with an order
book in excess of US$7.2 billion, we believe the business can and will stabilize
and the Groups senior management is committed to restoring the company to a
position of strength
