Mumbai: IL&FS has submitted a restructuring proposal to lenders of the Chenani-Nashri Tunnelway (CTNL), offering them a better deal after a plan to sell the project to Cube Highways fell through. The proposal values the project at Rs 5,200 crore — Rs 1,300 crore more than the valuation under the Cube deal and envisages an immediate payout of Rs 300 crore of back interest dues from April 2021. The restructuring will turn the company into a ‘green entity’ with cash flows capable of servicing all creditors.
Under the Cube deal, secured lenders would have got 97% recovery and unsecured lenders and operational creditors would get only 36%. According to the proposal sent by IL&FS to lenders, CNTL debt will be restructured effective April 1, 2021, and the interest will start from this date. The recovery for secured and unsecured lenders would be 100% and 90% respectively.
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