💠💠 Bondholders of troubled shadow lender Dewan Housing Finance Ltd (DHFL) have been given a three-week deadline to decide if they are on board with a rescue plan being evaluated by banks, according to a letter sent by a custodian of DHFL bonds, seen by Reuters.
The banks have signed an inter-creditor agreement (ICA) to come up with a plan to restructure nearly ₹1 trillion ($14 billion) of DHFL's debt.
Now, the bondholders have to communicate by letter by 26 August if they are willing to be part of the ICA.
That turns up the heat on India's mutual funds, which hold DHFL paper and are scrambling for approval from the market regulator to join the ICA.
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