Cox & Kings defaults on payments of ₹150 crore

New Delhi: Travel and tour company Cox & Kings Thursday said it has defaulted on the payment of commercial papers due to cash flow mismatch and a situation exacerbated by rating downgrade.

Cox & Kings said it would meet its financial obligations "through a combination of internal accruals and monetisation of assets".

The company was required to pay ₹200 crore, however Cox & Kings was able to pay only ₹50 crore and defaulted on ₹150 crore.

"We wish to further state that the Company has been meeting its liability obligations.

"However, due to cash flow mismatch and a situation exacerbated by rating downgrade, the Company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets," said Cox & Kings in a regulatory filing.

The company is working towards plans to make good its obligations, the statement said.

On Wednesday, Brickwork Ratings downgraded the rating of the company’s NCDs of ₹50 crore from BWR AA to BWR AA- with stable outlook.