Intraday on Tuesday, ABGSHIP share price is trading above 4.5 % at Rs. 31.80.Reliance Defence and Engineering Ltd, Shapoorji Pallonji Group and Liberty House Group of UK have shown interest in buying debt-ridden ABG Shipyard Ltd, even as its lenders try to force the ship maker out of a debt recast mechanism and recover their dues.
These requests are taken into consideration with lenders. Lenders and SBI Caps (SBI Capital) will be calling for proposals from prospective investors and the process will kick in.
During April 2016, lenders who had invoked the strategic debt restructuring (SDR) in ABG Shipyard in December 2015 were in talks with a Vietnamese financial investor.
Even as the process of finding a strategic partner continues, lenders led by ICICI Bank Ltd have taken a decision to announce the company as a ‘failed exit’ from the corporate debt restructuring (CDR) cell. A failed exit implies that the restructuring did not work, and the lenders could look at recovery options like winding up the company or selling it to an asset reconstruction company(ARC).
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