India’s Bhushan Power and Steel bankruptcy proceedings will enter the second phase
Bankruptcy liquidation of India’s Bhushan Power and Steel is about to enter the second phase, and the Creditors Committee said it will distribute the tender documents to at least eight interested companies and financial institutions. “The tender documents are pending finalization and will be issued in the next two or three days.” Informed sources said.
In September, Mahender Khandelwal, bankruptcy and restructuring expert, asked the interested company to provide the relevant qualifying documents on or before October 6. Companies such as Tata Steel, ArcelorMittal, Sidel Southwest Steel, Vedanta, Meskot Steel and Al Ain Capital all expressed interest in PuSan Steel’s takeover. However, under the recently amended bankruptcy law, a bankruptcy reorganization sponsor can bid only after the liquidated interest and other expenses have expired.