Essar Steel India Ltd said that its board and shareholders have offered to pay 543.89 billion rupees ($7.42 billion) to creditors to settle their claims, allowing the company to exit from a bankruptcy process, Reuters reported. The steelmaker, owned by the billionaire Ruia brothers, is one of a group of companies that are among India’s biggest debt defaulters that were pushed into the bankruptcy court last year after a central bank order that was aimed at clearing record bad loans at the country’s banks. Essar Steel’s plan consists of an upfront cash payment of 475.07 billion rupees to all creditors, including a 455.59 billion rupees to the senior secured financial creditors.
