Moser Baer postpones bondholders meet on debt restructuring

Moser Baer India (MBIL) has postponed the April 16 bondholders meeting where it would have sought their consent to extend the maturity date of outstanding bonds worth $88.5 million (about Rs 483 crore), the CD maker said on Monday.

The company, however, has not specified any fresh date for the meeting.

Moser Baer said in a filing to the BSE it "has informed the bondholders that the memoranda has not been circulated and the bondholders meeting, which was proposed to be held on April 16, 2013 is abandoned in order to provide the company with more time to complete the legal documentation and obtain regulatory approvals."

Regulatory approvals include Reserve Bank of India's (RBI) approval for restructuring proposal, it added. "The company expects to issue new notices of meetings to the bondholders shortly," it said.

In February, Moser Baer said in a filing "...the company proposes to solicit the consent of the bondholders to extend the maturity date of the outstanding bonds to a date on or before April 30, 2013 and waive all existing events of default and potential events of default that may have arisen under the terms and conditions of the Outstanding Bonds and trust deed."

The filing further added "the restructuring proposal also provides the Bondholders an option to substitute their outstanding bonds with a new foreign currency convertible bond or a new foreign currency loan."

Moser Baer had issued foreign currency convertible bonds in two tranches of $75 million each due last year. The aggregate principal amount outstanding under the outstanding bonds is $88.5 million.