HCC lenders initiate Rs 2,100 crore debt-asset carve-out

Hindustan Construction Company (HCC) on Friday said its lenders have initiated a carve-out of about Rs 2,100 crore of debt to a third-party-controlled special purpose vehicle. The move, it said, will significantly deleverage the company and address its asset-liability mismatch. Lenders of HCC on Friday initiated a carve-out of about Rs 2,100 crore of debt to a third-party-controlled SPV along with certain arbitration awards and claims in a move that will significantly de-leverage the company and address its asset-liability mismatch, the company said in a press release.