SBI refers Soma Enterprises to CDR cell

24 May 2013 Editorial Team

State Bank of India, which is a lender to infrastructure developer Soma Enterprises, has reportedly referred the firm to the corporate debt restructuring (CDR) cell owing to its difficulty in repaying bank credit.

The firm, which sits on around Rs 5,000 crore debt, is reportedly facing liquidity stress owing to delays in payments for contract work.

The company is said to have borrowed from around 23 banks, including UCO Bank, Axis Bank, Andhra Bank, L&T Infrastructure Finance, ING Vysya Bank.

As on March 31, 2012, the highway developer, had an engineering, procurement and construction (EPC) order book of Rs 16,170 crore. Soma is one of the many infrastructure companies facing liquidity crisis.

Especially, EPC companies have come under pressure as orders reduced, payments are delayed and working capital cycles got extended, forcing these companies to borrow more on the short-term as well.

Slowdown in infrastructure in last two years affected most companies in the EPC segment. In February last year, rating agency ICRA had put the company in the lowest grade D.

The agency said that the rating revision is primarily on account of stretched liquidity position which is reflected in delays in meeting the debt obligations over the last six months.

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