Client Profile: Morepen Laboratories is a fast growing pharmaceutical Company manufacturing high quality Generic drugs and Pharmaceutical formulations
Transaction Snapshot:
- Developed CDR plan & led the proposal with the lead institutions
- The CDR proposal entailed a business restructuring plan to settle the Company’s debt with 43 lender banks after induction of fresh capital from financial investors
Avista Advisory’s Role :
- Avista was appointed as the exclusive financial advisor to help the Company restructure its debt. Avista evaluated client operations and recommended Corporate Debt Restructuring (CDR) as a solution and led the development of restructuring plan and implementation and negotiating with Banks and Institutions
- Lenders were given an option to either take a One-time settlement (with a haircut) or opt for a restructuring with an extended repayment schedule
- Out of total outstanding of INR 7,500 million
- INR 2,120 million opted for restructuring with extended repayment schedule
- INR 5,380 million opted for OTS (one time settlement)