Debt

Debt financing

Vasan Eye Care creditors approve ASG's Rs.600-Cr bid

Economic Times  

Vasan Eye Care's committee of creditors (CoC) has unanimously approved an around INR 600 crore offer from ASG Eye Hospital to acquire the Chennai-based eye specialty chain. The resolution plan will now be submitted to the National Company Law Tribunal (NCLT). MGM Healthcare, Maxivision Eye Hospital and Dr Agarwal's Health Care were the other bidders in the hotly contested process. In 2017, the NCLT had ordered the commencement of insolvency proceedings against Vasan Eye Care, after it failed to repay debt of more than INR 2,000 crore to creditors and suppliers. Its 29 creditors included Andhra Bank, Edelweiss Asset Reconstruction Company (which acquired the debt from IndusInd Bank), Kotak Mahindra Bank, Clix Finance India, HDFC Bank, Tata Capital Financial Services, Reliance Commercial Finance and India Infoline Finance (now IIFL).