Cox & Kings defaults on payments of ₹150 crore
1 min read 27 Jun 2019, 10:28 PM ISTOn Wednesday, Brickwork Ratings downgraded the rating of the company’s NCDs of ₹50 croreCox & Kings said it would meet its financial obligations 'through a combination of internal accruals and monetisation of assets'
PremiumNew 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.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
