Orchid CDR approved

Chennai-based Orchid Chemicals and Pharmaceuticals’ Corporate Debt Restructuring package has been approved, paving the way for the sale of a portion of its businesses to Hospira Healthcare India Pvt Ltd, and cut debt. It has informed the BSE that a portion of the debt, ₹681 crore, will be repaid to the lenders with proceeds from the sale, while the remaining ₹2,866 crore will be restructured. The CDR scheme also includes funding to meet working capital borrowings. The restructured debt, along with funded loans, will have to be repaid in eight years.