Essar Steel - Defaulting on Debt Payment
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Case Details: |
Price: |
| Case Code |
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FINC020 |
For delivery in electronic format: Rs. 400;
For delivery through courier (within India): Rs. 400 + Shipping & Handling Charges extra
ThemesCorporate scams / Controversies |
| Case Length |
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16 Pages |
| Period |
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1998 - 2001 |
| Pub. Date |
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2002 |
| Teaching Note |
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Not Available |
| Organization |
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Essar Steel |
| Industry |
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Steel, Financial Services |
| Countries |
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India |
Abstract:
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The case examines the financial crisis faced by Essar Steel (Essar), the leading Indian sponge iron manufacturer and the flagship company of the Essar Group, during the late-1990s and the early 21st century.
It discusses how the company issued floating rate notes (FRNs) in the mid-1990s to finance its Hazira HRC plant and examines in detail the reasons why it defaulted in repaying the FRN-holders on the maturity date.
The case critically analyzes the measures taken by the company to come out of its financial problems, the role of the FIs and the promoters.
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Issues:
» The suitability of FRNs in the capital structure of a long-term project
Contents:
Keywords:
Financial crisis, Essar Steel, Essar, Indian, sponge iron, manufacturer, flagship, Essar Group, 1990s, 21st century, floating rate notes,FRN,1990,Hazira, HRC, FRN, maturity date, financial problems, FI, promoters
Essar Steel - Defaulting on Debt Payment
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