Article

Suzlon falls as much as 9.6% after writing down Illinois wind farm

Suzlon has been trying to recoup $208 million from Big Sky for machines sold in 2009 and wrote down the value by Rs.400 crore last year. Big Sky was formerly owned by Edison Mission Group ...NRG Energy Inc. agreed in October to buy most assets of bankrupt Edison Mission. The Pune-based manufacturer sued Big Sky for payment in September 2012 in New York.

Suzlon shares fell as much as 9.6%, the most since 31 July, before closing 4.67% lower on BSE

New Delhi: Suzlon Energy Ltd, the Indian wind-turbine maker seeking to extend repayment of defaulted bonds, declined the most in seven months in Mumbai after writing down the value of a US wind farm.

The shares fell as much as 9.6%, the most since 31 July. They closed 4.67% lower on BSE, while the benchmark S&P BSE Sensitive Index rose 0.5%.

Suzlon booked a Rs.250 crore ($40 million) charge on the Big Sky farm in Illinois after reassessing for the second time the amount it expected to recover from a 240-megawatt, turbine-supply deal, Kirti Vagadia, group head of finance, said in a phone interview 14 February after the close of markets.

Suzlon, the fifth-largest turbine maker, needs to raise cash to repay creditors after committing India’s biggest convertible-bond default in 2012 and restructuring Rs.9,500 crore of debt last year. It has been trying to recoup $208 million from Big Sky for machines sold in 2009 and wrote down the value by Rs.400 crore last year.

Big Sky was formerly owned by Edison Mission Group, a unit of Edison International. NRG Energy... more [truncated due to possible copyright]  

Suzlon shares fell as much as 9.6%, the most since 31 July, before closing 4.67% lower on BSE

New Delhi: Suzlon Energy Ltd, the Indian wind-turbine maker seeking to extend repayment of defaulted bonds, declined the most in seven months in Mumbai after writing down the value of a US wind farm.

The shares fell as much as 9.6%, the most since 31 July. They closed 4.67% lower on BSE, while the benchmark S&P BSE Sensitive Index rose 0.5%.

Suzlon booked a Rs.250 crore ($40 million) charge on the Big Sky farm in Illinois after reassessing for the second time the amount it expected to recover from a 240-megawatt, turbine-supply deal, Kirti Vagadia, group head of finance, said in a phone interview 14 February after the close of markets.

Suzlon, the fifth-largest turbine maker, needs to raise cash to repay creditors after committing India’s biggest convertible-bond default in 2012 and restructuring Rs.9,500 crore of debt last year. It has been trying to recoup $208 million from Big Sky for machines sold in 2009 and wrote down the value by Rs.400 crore last year.

Big Sky was formerly owned by Edison Mission Group, a unit of Edison International. NRG Energy Inc. agreed in October to buy most assets of bankrupt Edison Mission.

Vagadia declined to comment on when Suzlon expects payment, saying it depends on the outcome of a US court case. The Pune-based manufacturer sued Big Sky for payment in September 2012 in New York.

Suzlon’s net loss narrowed to Rs.1090 crore in the fiscal third quarter from Rs.1,150 crore a year earlier, it said on 14 February. Bloomberg


Source: http://www.livemint.com/Mon...

FEB 17 2014
http://www.windaction.org/posts/39805-suzlon-falls-as-much-as-9-6-after-writing-down-illinois-wind-farm
back to top