Lenders reject Arcelor’s bid to buy Essar firm at 93% discount

Lenders to EPC Constructions India Ltd, an Essar group firm, have called for fresh bids after rejecting an offer from ArcelorMittal SA because they found it too low, said a Home Companies Lenders reject Arcelor’s bid to buy Essar firm at 93% discount | News From Other Media | businessnorth.com

Read more about Lenders reject bids by Numetal, ArcelorMittal for Essar Steel on Business Standard. The State Bank-led consortium of lenders to Essar Steel today rejected the bids by both Numetal as well as ArcelorMittal after finding them to be ineligible under the amended Insolvency & Bakruptcy Code that debars related parties from

Mumbai: ArcelorMittal has challenged the committee of creditors’ last week decision to reject its bid for Essar Steel on technical grounds at the Ahmedabad bench of the National Company Law Tribunal (NCLT), the company said in a statement on Monday. The bankers had met on 23 March in Mumbai and had rejected ArcelorMittal’s bid along with that of Numetal – the only two bidders for the crippled.

Mumbai: In what could further delay the resolution of Essar Steel that owes over Rs 45,000 crore to lenders, the SBI-led consortium of creditors on Wednesday rejected the bids by Numetal, an SPV floated by Russian lender VTB Bank and Rewant Ruia, and ArcelorMittal, finding them ineligible under the IBC laws that debar related parties from bidding.

Essar Steel to see new round of bidding after Numetal, ArcelorMittal’s bids are declared ineligible The committee of lenders discussed the option of going for a second round of bidding as both Numetal’s and ArcelorMittal’s bids were held ineligible.

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Read more about Essar Steel set for rebid as lenders reject Arcelor, Numetal offers on Business Standard. All six companies, which submitted expressions of interest, told to submit bids by April 2

Lenders reject Arcelor’s bid to buy Essar firm at 93% discount.. ArcelorMittal seeks to buy EPC Constructions at 93% discount.. Brookfield in talks with Essar to buy Equinox Business Park.

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After NCLT order, Essar Steel lenders to decide on status of Numetal, ruia contention numetal sources said the court order implies that the lenders’ committee will have to consider the original bid by the consortium, in which Aurora holds 25% stake and is led by Russia’s VTB Bank.

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