Pandemic Effect: Trouble brewing at Cafe Coffee Day? sify.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sify.com Daily Mail and Mail on Sunday newspapers.
Rabobank plans to take Coffee Day Global to bankruptcy court
Coffee Day Global is undergoing a debt resolution process after it missed loan repayments.
Synopsis
Coffee Day Global houses the nationwide retail outlet network, Xpress cafés and the office vending business of the eponymous group founded by the late VG Siddhartha. Rabobank’s petition at the National Company Law Tribunal is awaiting hearings and the court has not conveyed any decision on its bankruptcy plea, the people said.
Rabobank is seeking to initiate bankruptcy proceedings against Coffee Day Global, people in the know of the development said, after the coffee chain is said to have defaulted on principal and interest payouts on a foreign currency loan worth around ₹290 crore it raised from the Dutch multinational lender four years ago.
Highlights
India s popular hangout chain has a debt of Rs 280 crores
NEW DELHI: Cafe Coffee Day (CCD), which is India’s favourite hangout place is possibly at the verge of bankruptcy. According to a Business Standard report, this extremely popular café chain is has a whopping debt of Rs 280 crores.
The report quoted the exchange filings by CCD in the March quarter in which it disclosed a debt of Rs 280 crores.
It has also emerg3d that the lenders to CDEL, the parent company of
CCD, are taking the firm to the National Company Law Tribunal (NCLT) to find a solution for its huge debt crisis.
CCD lenders initiate talks with PEs to sell office vending business
CCD’s vends are installed in over 50,000 office locations across the country and it controls up to 70% of the office coffee vending market, as per unofficial estimates.
Synopsis The three funds are said to be independently evaluating the CCD business that has India’s largest network of fresh coffee-dispensing machines at office locations.
New Delhi: Café Coffee Day’s (CCD) lenders have initiated talks with several private-equity funds, including Samara Capital, PremjiInvest and Multiples, for the sale of the retailer’s office-vending business after a failed attempt to strike a deal with the Tata Group, executives aware of the talks told ET. The three funds are said to be independently evaluating the CCD business that has India’s largest network of fresh coffee-dispensing machines