Shares of Cox & Kings extended losses for the twelfth consecutive session on the BSE after the company defaulted on commercial paper of Rs125cr. This is the company's third default in the past fortnight, totalling Rs325 cr.
CARE Ratings revised the company’s long-term bank facilities of Rs1,760cr to 'CARE D' from 'CARE C'. The revision in ratings assigned to Cox and Kings takes into account default in CP (carved out) redemption due on July 9 and overdue in bank accounts," the company said in the filing on Wednesday.
“The company is working closely with its lenders to optimize its strong asset base globally and bring the situation back to normal as soon as possible,” the company said.
Care cut the company’s bank facilities, NCDs and commercial paper to D after missing the CP payment, the rating firm said in a statement.
CARE Ratings revised the company’s long-term bank facilities of Rs1,760cr to 'CARE D' from 'CARE C'. The revision in ratings assigned to Cox and Kings takes into account default in CP (carved out) redemption due on July 9 and overdue in bank accounts," the company said in the filing on Wednesday.
“The company is working closely with its lenders to optimize its strong asset base globally and bring the situation back to normal as soon as possible,” the company said.
Care cut the company’s bank facilities, NCDs and commercial paper to D after missing the CP payment, the rating firm said in a statement.
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