(Bloomberg) RattanIndia Power Ltd., a electricity generator backed by hedge fund Farallon Capital Management, is close to restructuring about $500 million of stressed loans, according to people with knowledge of the matter. The company, which is building coal-fired power plants to produce 5,400 megawatt of electricity — enough to light up 7 million rural homes in India — has offered to pay banks 52 percent of the obligations of its project in Amravati in Maharashtra state, the people said. The talks with creditors are on-going and there’s no certainty they will result in a transaction, according to the people, who asked not to be identified because the discussions are private.
Hedge Fund-Backed Rattan Close to $500 Million Debt Revamp
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