Suzlon Energy, the world’s fifth-largest wind turbine manufacturer, has got a fresh lease of life after it got approval from the Corporate Debt Restructuring (CDR) cell for its Rs 9,500-crore loan package and the support of investors to restructure foreign currency convertible bonds worth $547 million. The new convertible bonds will now mature in 2019. Not surprisingly, the stock has vaulted more than two-fold from Rs 9 in November 2013 to Rs 23 on July 17, after hitting a high of Rs 37 in June. Recently, promoters Tulsi Tanti and family increased their holding by 1.28% through group entity Sugati Holdings, following the conversion of compulsory convertible debentures at Rs 13.49. The conversion saw Sugati’s holding increase from 8.53% to 9.68%. Incidentally, the promoters have pledged more than 90% of their overall holding of 38.8% with lenders. Though the stock recovered from its low, the company continues to face a daunting environment: it ended FY14 with a net loss of Rs 3,548 crore on the back of an 8% increase in revenue to Rs 20,212 crore. But the big overhang on the company is its debt of Rs 11,640 crore, resulting in an annual outgo of over Rs 2,000 crore in interest costs. The company still awaits a breath of fresh air.