Essar Steel creditors panel chooses ArcelorMittals joint bid: CNBC TV18
The committee of creditors of debt-laden Essar Steel India Ltd has chosen the resolution plan by ArcelorMittal SA and Japan`s Nippon Steel & Sumitomo Metal Corp as the winner, CNBC TV18 reported on Friday, citing sources.
The committee of creditors of debt-laden Essar Steel India Ltd has chosen the resolution plan by ArcelorMittal SA and Japan`s Nippon Steel & Sumitomo Metal Corp as the winner, CNBC TV18 reported on Friday, citing sources.
The steelmaker has signed the letter of intent to buy Essar Steel for 420 billion rupees ($5.74 billion), CNBC TV18 said.
The news comes just a day after Essar Steel said its board and shareholders offered to pay 543.89 billion rupees ($7.43 billion) to creditors to settle their claims, allowing the company to exit a bankruptcy process.
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https://twitter.com/CNBCTV18Live. ArcelorMittal and Essar Steel did not immediately respond to a request for comment from Reuters.
($1 = 73.2200 Indian rupees)
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