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.
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