Suzlon’s Auditor Bets on Potential Investor to Keep It Going

An offer from a potential investor is critical for Indian wind turbine maker Suzlon Energy Ltd. to repay lenders and continue as a going concern, its auditor Deloitte Haskins & Sells LLP said in a review report Wednesday, Bloomberg News reported. The offer envisages infusion of additional equity in Suzlon and a waiver of some of the amount due to lenders and bond holders. Based on that, a one-time settlement has been proposed to lenders, the auditor said. “Improvement of liquidity condition is contingent upon fructification of the offer,” Deloitte said. “Such events are not within the control of the group.” Suzlon, which reported a first-quarter loss of 3.35 billion rupees ($47 million) Wednesday, missed repaying $172 million on notes due in July. In addition, the company and certain subsidiaries have defaulted on repayment of loans and interest aggregating nearly 13 billion rupees as of June 30, according to the auditor. Read more

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