Mumbai: With a little help from BlackRock, the world’s largest asset manager, IPO-bound Udaan has struck a deal with a string of offshore lenders to avoid bankruptcy.
Earlier this week, the internet commerce company reached an agreement to restructure its debt with its shareholders and global creditors who had initiated insolvency proceedings in the Singapore High Court last month, said people in the know. The recast would include upfront cash payouts, issuance of new bonds, conversion of debt to equity as well as $45 million in fresh financing from a private credit arm of BlackRock, the sources added.
The company issued a statement late on Tuesday evening confirming the restructuring agreement but did not provide granular details.
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