Essar Steel – Defaulting on Debt Payment

The suitability of FRNs in the capital structure of a long-term project

The case examines the financial crisis faced by Essar Steel (Essar), the leading Indian sponge iron manufacturer and the flagship company of the Essar Group, during the late-1990s and the early 21st century. It discusses how the company issued floating rate notes (FRNs) in the mid-1990s to finance its Hazira HRC plant and examines in detail the reasonsEssar Steel – Defaulting on Debt Payment

The case critically analyzes the measures taken by the company to come out of its financial problems, the role of the FIs and the promoters.           

Issues:

» The suitability of FRNs in the capital structure of a long-term project

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