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Subhiksha expects to close debt restructuring by April

Subhiksha expects to close debt restructuring by April
PTI
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First Published: Sun, Mar 22 2009. 10 55 AM IST
Updated: Sun, Mar 22 2009. 10 55 AM IST
New Delhi: Beleaguered retail chain Subhiksha expects the ongoing corporate debt restructuring (CDR) process in the company to be completed by mid-April, following which it is hoping to secure debts to re-start business.
“Yes, we expect to have clarity on the CDR package around that time (mid-April),” Subhiksha Trading Services Ltd Managing Director R Subramanian told PTI in reply to an email query.
He said the company expects to secure debts to revive its operations once the CDR is over. The company had earlier said it needed Rs300 crore injection immediately to kick-start operations again.
“This (securing the money) will be decided only when CDR package is finalised. We hope that soon after CDR is done we can do this,” Subramanian said.
Subhiksha had closed operations of its 1,600 stores across the country in January due to liquidity crunch.
Regarding the Employees Provident Fund Organisation (EPFO) Commissioner’s order asking ICICI Venture, part owner of the retail chain, to cough up Rs1 crore for payment of employees PF dues, Subramanian said: “We have only seen press reports in the media on this. We have no official intimation.”
“We, off course, would be happy for support from all stakeholders for clearance of employee dues,“ Subramanian added.
Subramanian had last week paid Rs73.87 lakh as employees PF from his personal savings as per his share of the dues following an order from EPFO.
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First Published: Sun, Mar 22 2009. 10 55 AM IST