BPL`s revamp plan hits a new block
06 July 2005
Bangalore: BPL Ltd has run up against one more hurdle in getting clearance for its Rs 1,400 crore restructuring package.
The company, which recently received clearance from a majority of banks and financial institutions, has been asked to seek details from people who are against the corporate debt restructuring. Senior officials of BPL say this would open up a number of requests from vendors who were supplying to BPL when it was functioning in proper shape before it got into the vicious circle of debt.
The company says it's vendors would be in an uneasy position over BPL's efforts to move its entire colour TV manufacturing assets and businesses to the proposed new 50:50 joint venture with Sanyo as they would have to face a relatively empty BPL Limited as television was the main business.