Shadow Lender Religare Targets $815 Million Debt Revamp by March

Religare Finvest Ltd., an Indian financier sanctioned by the nation’s central bank, is “hopeful” of revamping 58.5 billion rupees ($815 million) of debt by March, the shadow lender said, Bloomberg News reported. Religare is in talks with its creditors to retain 51% of the obligations as that can be serviced by the company’s cash flows, while tagging the rest as “unsustainable debt,” the company said in an emailed statement on Wednesday. The firm expects to pay the principal on the “unsustainable” loans over a period of time, Religare said without giving a time frame. “The company has made lot of progress in the recovery of underlying assets, which are secured towards unsustainable debt,” it said in the statement. Read more