DHFL seeks 15000cr lifeline as resolution plan gets delayed

Tag: 2019年最新凤楼信息已经更新

first_imgMumbai: Troubled mortgage lender Dewan Housing Finance (DHFL) has sought Rs 15,000-crore immediate funding from banks for on-lending to retail customers as well as to project developers, say sources. Last week, the nearly crippled company had submitted a draft resolution plan to lenders which are yet to be approved by them. “The company has asked for an additional funding of Rs 15,000 crore. The money will be used to fund viable projects that are stuck due to lack of money,” said one of the sources. Also Read – Thermal coal import may surpass 200 MT this fiscalWhen contacted, a DHFL spokesperson said it did not have any comment to offer apart from what it has informed the stock exchanges last week on the draft resolution plan. Under the draft resolution plan, the company has asked for funds from banks/NHB for restarting retail funding which was stopped after liquidity crisis hit it late year. According to sources, the decision on any additional or the quantum of funding will be taken only after due deliberations by lenders. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostThe beleaguered home financier, which has defaulted on multiple times on payment to bondholders since June owes close to Rs 90,000 crore to banks, the National Housing Bank (NHB) and other creditors. Last month, lenders had signed an inter-creditor agreement (ICA), as mandated by the Reserve Bank in the new NPA resolution/recognition framework effective June 7. However, the company had said one of its debenture – trustees Catalyst Trusteeship Servicesis in the process of seeking consent from the debenture holders to be a party to the ICA. In a separate filing to exchanges on August 8, the company said it may not be able to meet its financial obligations in the near future. “Given the ongoing discussions on the resolution plan with the lenders who have signed the ICA, we believe that our payment obligations falling due in the immediate future, may not be met as per their existing schedule,” the company informed the exchanges. It has been facing liquidity issue since last September and has back paid Rs 41,000 crore of its financial obligations through a combination of securitization of assets and repayment collections since. The Wadhawan family, who owns a little over 39 per cent, has been looking at various ways to come out of the stress which first came to light late last year following the IL&FS bankruptcy. These include selling stakes in group entities, including in the flagship to the extent of giving up half of their stake. DHFL has seen a rash of rating downgrades in June after it defaulted on Rs 1,150 crore to its bond-holders due on June 4. This led to a downgrade of its Rs 850-crore commercial papers to ‘default’ by three rating agencies.last_img read more


Tag: 2019年最新凤楼信息已经更新

first_imgCrown-Indigenous Relations Minister Carolyn Bennett (APTN file photo.)Kathleen MartensAPTN NewsIt’s nearly official.Crown-Indigenous Relations Minister Carolyn Bennett announced Thursday an “agreement-in-principle” had been reached with former Indian day school students.“Today marks the historic step in that journey towards reconciliation and healing,” Bennett told a news conference flanked by former students.One of those students was Gary McLean of Lake Manitoba First Nation, who filed the class-action lawsuit on behalf of an estimated 200,000 survivors.“We know it’s a new beginning,” McLean told reporters.“For me, without forgiveness, we know things stay the same.”Bennett said the final details still had to be worked out and approved by a court.But she said Canada acknowledged the harms caused by the system that established and guided the schools.“As a result of the harmful and discriminatory government policies at the time, students who attended these schools were subject to sexual, physical and psychological abuse, and forced to abandon their language and culture,” the minister said.Compensation will address individual trauma and future healing, Bennett added.Students in front of Trout Lake Indian Day School in Ontario.Day school students were forced to attend the federally operated schools during the day but could return home at night – a system that began in the 1920s.The suit applies to First Nation, Inuit and Métis students.McLean filed his suit against Canada in 2009.“Thank you for supporting us to get this far,” he said of his legal team, his family and other supporters.Bennett said her government was investing $200 million to support healing, wellness, education language, culture and commemoration “for all those affected by Indian day schools.”kmartens@aptn.ca@katmartelast_img read more