indias-distressed-debt-market-ready-for-take-off

India's distressed debt market ready for take off

Indian distressed debt has emerged as an opportunity compelling enough to attract interest from a number of key global players.
May 29, 2006
As far back as 2001 IndiaÆs central bank, the Reserve Bank of India RBI advised banks and financial institutions to implement a Corporate Debt Restructuring CDR system, aimed at restructuring the debt of ôviable entities effected by internal and external factorsö. This is a voluntary mechanism based on debtor-creditor and inter-creditor agreements, applicable to standard and sub-standard accounts where lenders have an exposure of Rs200 million or higher. However, it was not until 2005 that activity really picked up. We talk to Varun Batra, director, Citigroup, India and head of Special Situations about what makes Citi upbeat on the business.

How many deals has Citigroup closed in this space
Citigroup closed two deals since we...
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