Coffee Day announced its debt after sale of Global Village Tech Park in Bengaluru
As per report the Coffee Day group on Saturday said its total outstanding debt was Rs 4,970 crore, including Rs 4,796 crore secured loans and Rs 174 crore in unsecured loans. The Bengaluru based company in a regulatory filing on the BSE stated "The management has decided to clarify its debt position, the expected reduction and post conclusion of the ongoing divestment transactions”.
Furthermore of the total debt, that of Coffee Day
Enterprises Ltd is Rs 480 crore, Coffee Day Global Ltd is at Rs 1,097 crore,
Way 2 Wealth Ltd at Rs 121 crore, Tanglin Developments Ltd at Rs 1,622 crore,
Tanglin Retail Reality Developments Ltd Rs 15 crore, Coffee Day Hotels and
Resorts Ltd Rs 137 crore, Sical Logistics Ltd Rs 1,488 crore and Magnasoft
Consulting It said in the filing "The group's debt
position will reduce to Rs 2,400 crore on receipt of the Global Village's sale
proceeds from Blackstone and settlement of statutory payments”. Moreover the
company is expected to be in a position to service the reduced debt
obligations. Poojary said "Sical has been working on divestment of certain
assets, whose proceeds will reduce its debt”. Perhaps the company has requested
the lenders and creditors to give it time to honor the commitments and unlock
the potential value of its assets.