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Moser Baer India Ltd has said that after the downturn experienced in 2010/11, the company has witnessed a major upsurge in its core optical media business, resulting in a significant turnaround.
It also sees growth opportunities in certain product markets. Hence, the company has approached its bankers to restructure its payment obligations, and align its secured liabilities with its business growth and cash flows.
The company's key banks have been supportive of the restructuring, based on which the company has today provided its consent to its bankers to approach the appropriate authority, to finalise the plan and restructure its debt.
Moreover, Moser Baer Photo Voltaic Ltd (MBPV, one of MBIL's subsidiaries), that manufacturers photovoltaic cells and modules, has also taken action to restructure its debt.
The company had posted a net sales of Rs 541.29 crore in the quarter ended Dec 31, 2011, up from Rs 435.54 crore in the same period last year. But it posted a net loss of Rs 95.91 crore in the third quarter of this year which, however, was less than the loss of Rs 115.69 crore posted in the same quarter last year. The company's shares were trading at Rs 20 on the BSE.
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