Multi-system operators SITI Network has reported a total default of Rs 913 crore on payments of interest and repayment of principal amount on loans taken from banks for the quarter ended in September. This includes a principal amount of Rs 655 crore and interest of Rs 258 crore, the Essel group firm informed in a regulatory update.
SITI Networks, previously known as SITI Cable Network, is a part of the Essel Group. "...the company is in discussions with its bankers for restructuring of its debt obligations," SITI Network said.
SITI Network's total financial indebtedness, including short-term and long-term debt, is Rs 898 crore. Earlier in April, Housing Development Finance Corporation Ltd (HDFC) had moved the insolvency tribunal NCLT against SITI Networks Ltd for alleged default of Rs 296 crore.
It provides cable services at 580 locations and adjoining areas, reaching out to over 11.3 million digital customers.
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