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Sirpur Paper Mills Ltd has submitted a debt restructuring proposal to its lender banks. The company had incurred production losses following the shut down of its Sirpur-Kaghaznagar plant for 40 days due to an accident. Difficult market conditions are also said to have prompted the move.The lead lender bank has made a reference to the Corporate Debt Restructuring (CDR) Cell for comprehensive restructuring of the company’s debt, the company informed the BSE. In April, the soda recovery boiler at the company plant at Sirpur-Kaghaznagar in Andhra Pradesh was damaged in an accident. The company has repaired the plant and production is being resumed in a phased manner.
The production had stopped from April 8 and claims for production loss and material loss were raised with insurance company. The company shares ended the day’s trade up 3.13 per cent to close at Rs 33.
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