Jaiprakesh Associates defaults on loans

Jaiprakesh Associates has defaulted on INR40,590m (US$492.9m) of loans from various lenders, according to The Times of India. The company, which has a total debt of INR290,900m, needs to make payments in respect of fund-based working capital, non-fund-based working capital, term loans and foreign currency convertible bonds.

In its exchange filing, the company said that in terms of the restructuring plan of its total debt, INR116,890m was to be discharged against the sale of identified cement plants of the company and its wholly-owned subsidiary to UltraTech Cement. Around INR63,670m of the debt has been identified as being “sustainable debt” against which it will create security for the lenders. Another INR135,900m has been revised to INR118,330m after reducing INR25,430m through a debt-asset swap. This INR118,330m is to be transferred to a special purpose vehicle (SPV), Jaypee Infrastructure Development Ltd, reported The Times of India.