Mumbai-based ABG Shipyard, a shipbuilding company, is in the process of restructuring its long-term debts. The company has been facing liquidity issues since 2011 and global recession has dealt a severe blow as almost 70 per cent of its customers are Europeans.
ICICI Bank, State Bank of India, IDBI, Bank of India, Bank of Baroda and Punjab National Bank are among the major lenders to the shipbuilding company, says the last annual report of the company.
Facing rough weather on account of dwindling revenues, Bharati Shipyard is also planning to recast its Rs 5,860-crore debt.