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Journalism of Courage
The much talked about Haldia Petrochemicals Ltd (HPL) board meeting ended without any decision either on share transfers between its key promoters or the issue of participating in the Basell acquisition.
‘‘The board accepted the new terms and conditions of new lenders, signing HPL out of corporate debt restructuring (CDR),’’ Purnendu Chatterjee, Chairman, The Chatterjee Group (TCG) told media persons on Saturday.
The terms and conditions include the infusion of additional funds by TCG into HPL and the reduction of the company’s interest burden from 15.5 per cent (in the pre-CDR phase) to 10.5 and the current 8.75 per cent.
Beyond this, no decision could be arrived at though the board meeting dragged on for about three hours.
