Altico Capital's three bidders revise their offers yet again

All three suitors for Altico Capital — SSG Capital, Cerberus Capital Management and the incumbent management team — have revised their offers further, as lenders to the cash-strapped home financier drive a hard bargain that may see them recover at least 67% of the total dues upfront, said people in the know. The three submitted their latest offers on Friday after lenders had met last Monday to consider the earlier proposals. A key issue is whether to wind down Altico or keep it as a ‘going concern’. Creditors and bidders are slated to meet Monday. The revised proposal by Hong Kong-based SSG offers two options. The first includes a complete cash and equity offer similar to that of Cerberus. The second is comparable to the previous offer by SSG that included Rs 2,150 crore of upfront payment plus Rs 1,500-1,750 crore of security receipts. SSG has also suggested that the bad loans of Altico be moved to an asset reconstruction company chosen by the lenders.