XL Telecom and Energy, manufacturers of  telecom products, photovoltaic systems and ethanol, today announced that its proposal to restructure credit facilities has been approved by Corporate Debt Restructuring Cell (CDR Cell).

The CDR Cell at its meeting held on Oct. 23, 2009 admitted the proposal for restructuring.

The final terms of the restructuring package are being worked out and will be put up to the CDR Cell for final clearance.

Shares of the company declined Rs 1.65, or 4.9%, to trade at Rs 32. The total volume of shares traded was 23,605 at the BSE (11.46 a.m., Tuesday).