14973 Investors following Hotel Leela. Share this News with them.
0
Like this story, share it with millions of investors on M3
Leela's debt at Rs 4300cr, lenders yet to agree on CDR
Hotel Leelaventure is sinking into debts and the company is trying hard to lower the burden. The hospitality major's debt stands at Rs 4300 crore, reports CNBC-TV18's Gopika Gopakumar.
Hotel Leelaventure is sinking into debts and the company is trying hard to lower the burden. The hospitality major's debt stands at Rs 4300 crore, reports CNBC-TV18's Gopika Gopakumar.
The board has also approved company to approach for corporate debt restructuring (CDR). However, lenders are yet to firm up mind on allowing the company into CDR and have raised raise issues of viability.
The company has said that its interest rates on loans have gone up to 14% but is looking to get reduction to about 11%. It is also in a joint development with builders in Pune and Bangalore while trying to sell land in Hyderabad and Business Park in Chennai. Besides, it is looking to get brief moratorium on longer repayment schedule.
Trying different measures to lower the debt burden, the company is in talks with developers to build hotels in Agra and Ashtamudi. While it is in discussions with investors for managing hotels, Hotel Leela is exploring one more brand for managing hotels at entry level.
The company has assured that it has never defaulted in payment to any of the lenders.
