ArcelorMittal offers Rs. 8 billion to Indian Steel lenders

Lakshmi Mittal-promoted ArcelorMittal India, the frontrunner to acquire the bankrupt Indian Steel Corporation, has reportedly offered an upfront payment of Rs. 8 billion to lenders. Indian Steel Corporation lenders have already started voting on the resolution plans being offered by ArcelorMittal-affiliated AM Mining, and Khandwala Finstock. Voting ends on May 10. Indian Steel Corporation was admitted to insolvency proceedings by the National Company Law Tribunal last October.

It is believed that almost all lenders are in favor of the ArcelorMittal plan, as the offer is upfront and higher than that of Khandwala Finstock, and would mean a clawback of almost 30 percent of the claim amount for lenders.

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