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India’s Suzlon may sell off O&M contracts to refloat company

Indian wind turbine specialist Suzlon fell into unplanned bankruptcy this week after almost a year of speculation, by defaulting on loan repayments. Its owners seem to believe that it will emerge from bankruptcy protection and remain in business after secured creditors and Suzlon signed an inter-creditor agreement, so they can help to plan a way of the mess. Vestas throughout the first half of this year said it was willing to pay €1 billion to the major shareholders to buy Suzlon, but it was turned down with the shareholders, believing it is worth far more. While conventional balance sheet analysis may not agree with Suzlon, it has recurring Operations and Maintenance revenues of around $280 million a year, an installed…

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