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Great Offshore denies debt restructuring talks with lenders
  GOL Offshore Ltd. | 17 Jul 2017 | 10:45 AM
Published on 05-23-2012
Responding to the media reports of ‘Lenders to seek debt restructuring of Great Offshore’ India's largest private sector shipping company said that it has not been seeking the restructuring from lenders and neither had any information of any move on part of the lenders to seek Corporate Debt Restructuring (CDR). The announcement came after a report said that banks having exposure of Rs 1 137 crore to the company may go for restructuring due to irregularities in the debt servicing. Also earlier this week rating agency Crisil had downgraded Great Offshore's debt to 'default grade' from 'investment grade'. The ratings of long-term and short-term loans have been downgraded to D from BB+ and A4+ respectively. Shares of the company closed at Rs 78.05 a piece down 1.33 per cent from previous close on BSE.