Sahara gets extension to repay $850 m to Reuben Bros

The cash strapped Sahara Group has managed to strike a deal with the Reuben Brothers to extend the loan repayment of USD 850 million. The deadline for repayment was extended from October 8 to November 30.

This extension of loan repayments has helped them save its two properties – Grosvenor House in London and two hotels in the US for the time being.In June, Reuben Brothers, the UK-based investment firm had agreed to refinance the USD 850 million loan taken by Sahara Group from Bank of China. The deal had allowed Sahara four months window to work out a repayment strategy failing which Reuben Brothers would take primary charge of Grosvenor House as well as the two US hotels of Sahara to mobilize the funds.Sahara has been trying hard to raise the money required to bail out its chief Subrata Roy, who has been in Tihar Jail since March, 2014.