ICICI Bank Urgently Seeks Bidders for Exclusive $28 Million John Energy Asset Sale | Major Opportunity!
ICICI Bank Seeks Bids for John Energy’s Stressed Debt
Photo Credit: Ruby Sharma | Last Updated: Aug 26, 2024 | 6:08 PM IST
ICICI Bank has opened the floor for asset reconstruction companies (ARCs), banks, non-banking finance companies (NBFCs), and other entities to submit expressions of interest (EoIs) for acquiring its stressed exposure in John Energy Ltd, a Gujarat-based firm.
As of June 30, ICICI Bank’s outstanding principal for the external commercial borrowing (ECB) loan to John Energy stands at $27.7 million, alongside a rupee-denominated term loan exposure of Rs 6.05 crore. Interested parties must submit their EoIs by August 28, as per the bank’s advertisement in a financial newspaper. After submission, participants will need to sign a non-disclosure agreement, allowing them a two-week window for due diligence on the asset.
John Energy is currently embroiled in several litigations initiated by ICICI Bank and other lenders within the National Company Law Appellate Tribunal (NCLAT). Earlier in March, NCLAT permitted the company to deposit Rs 254 crore with an additional 12% interest, adhering to the terms of a one-time settlement with ICICI Bank and Axis Bank, directing the National Company Law Tribunal (NCLT) Ahmedabad bench to adjudicate on the insolvency application filed by Axis Bank. However, on May 16, the Ahmedabad bench of the NCLT rejected Axis Bank’s insolvency application against John Energy.
John Energy operates in onshore drilling, natural gas compression, among other activities within the upstream and midstream oil and gas sector, boasting a fleet of 31 rigs, comprising of 18 drilling rigs and 13 work-over rigs, along with various gas compression and conditioning equipment.
First Published: Aug 26, 2024 | 6:00 PM IST
Original Story https://www.business-standard.com/companies/news/icici-bank-invites-bids-to-sell-28-million-exposure-in-john-energy-124082600781_1.html
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