Unitech reschedules over 75% of its debt

Unitech reschedules over 75% of its debt
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First Published: Tue, Feb 10 2009. 02 30 PM IST
Updated: Thu, Feb 19 2009. 07 10 PM IST
By PTI
New Delhi: Realty major Unitech today said it has rescheduled more than three-fourths of its total debt amounting to Rs8,000 crore to tackle the slump in the real estate sector and hoped that the company would soon have sufficient liquidity to look at other opportunities.
“We have been able to reschedule over 75% of our commitments,” Unitech managing director Sanjay Chandra told reporters here today.
Asked whether the company has fulfilled 75% of the short-term commitments, he said: “No, overall.” The overall debt of the company is Rs8,000 crore, he added.
Chandra said the company has restructured a lot of short-term debts into long-term ones. “We will shortly be in a position, where we will hopefully be having a lot of liquidity to look at other opportunities and initiatives,” he said.
Chandra had said on 19 January that Unitech has repaid or rescheduled about three-fourths of the company’s debts worth Rs2,500 crore to be paid by March 2009.
Asked about the sale of Gurgaon hotel and office building in the national capital, Chandra said the deals are expected to close by the end of this quarter.
Unitech posted a 74% decline in consolidated net profit at Rs136 crore for the quarter ended 31 December 2008 against Rs525.78 crore in the year-ago period.
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First Published: Tue, Feb 10 2009. 02 30 PM IST
More Topics: Unitech | Real Estate | Debt | Gurgaon hotel | Property |