ARCOTECHNSEArcotech LimitedHighPositive
Announced Thu, 2 Jul · 13:52 IST
Arcotech gets One Time Settlement approval from lenders
Price reaction · full curve
Awaiting price reaction for this filing.
AI summary
Arcotech Limited announced that all secured lenders and consortium/JLF banks have approved its One Time Settlement (OTS) proposal. The company had faced financial stress, defaulted on loan payments to lenders, and its accounts were classified as Non-Performing Assets. Restructuring efforts did not succeed, leading to the OTS route. IFCI Ltd will retain symbolic possession of the company's factory premises until full OTS payment is made. The company expects to restart its operations soon.
Likely market impact
NPA status resolved via OTS; factory symbolic possession with IFCI until full payment; operations restart expected soon.