The default is against payments of interest and repayment of principal amount on loans from banks, financial institutions
Coffee Day Enterprises Ltd widely known as Café Coffee Day (CCD) reported a default of Rs 465.66 crore on payments of interest and repayment of principal amount on loans for the quarter ending 30 September 2022.
The loans were taken from from banks, financial institutions and Unlisted Debt Securities as non-convertible debentures (NCDs) and non-convertible redeemable preference shares (NCRPs).
Coffee Day Enterprises Ltd (CDEL) which is cutting its debts via asset resolution, has a total debt of Rs 490.66 crore and it includes short-term and long-term debt as well.
“The liquidity crisis is causing delay in debt servicing,” said Coffee Day Enterprises Ltd (CDEL) during regulatory update.
CDEL has defaulted Rs 215.11 crore in paying the principal amount on loans or revolving facilities like cash credit availed from banks or financial institutions as on 30 September 2022.
Apart from this, it has also default on payment of interest of Rs 5.78 crore on the above-mentioned figures also exist, informed CDEL.
Whereas the amount of default for unlisted debt securities such as NCDs and NCRPS is Rs 200 crore outstanding as of 30 September 2022. Along with it a default in payment of interest on the same stands at Rs 44.77 crore.
After the founder Chairman V G Siddhartha’s demise in July 2019, CDEL was in trouble and cut down debts via the resolution of assets route.
Later then in March 2020, CDEL announced repayment of Rs 1,644 crore to 13 lenders after finalising a deal with Blackstone Group to sell its technology business park. “The debt levels have reduced significantly,” informed CDEL in its latest annual report.