(Photo: Ramesh Pathania/Mint)
(Photo: Ramesh Pathania/Mint)

Cox & Kings defaults on payments of 150 crore

  • On Wednesday, Brickwork Ratings downgraded the rating of the company’s NCDs of 50 crore
  • Cox & Kings said it would meet its financial obligations 'through a combination of internal accruals and monetisation of assets'

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.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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