Promoters may not give up control of Essar Steel in debt revamp deal

“If you want a new buyer to come in and run the company, you have to offer them the right price by right sizing the debt. For that to happen, bankers have to either receive higher recapitalization or a longer amortization period. In the absence of these things, banks are doing the best they can to deal with stress,” said Nirmal Gangwal, managing director, Brescon Corporate Advisors Ltd, a corporate restructuring advisory firm.