A distressed asset fund run by Bain Capital Credit and Piramal Enterprises agrees a $144m bailout for financially ailing Indian vaccines specialist Panacea Biotec.
The India Resurgence Fund, run by global investment firm Bain Capital Credit and the Piramal Enterprises Ltd. conglomerate, has unveiled a rescue package worth up to $144m (INR9.92bn) for debt-laden Indian vaccines maker Panacea Biotec Ltd., which has been struggling to get back on its financial feet for nearly a decade.
The money is intended to provide a “one-time settlement to existing lenders,” supply working capital and help meet Panacea’s growth...
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