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| Subhiksha's CDR process to be over by July 31 |
| BS Reporter / Chennai May 16, 2009, 00:53 IST |
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The cash-trapped Subhiksha Trading Services today said that its ongoing Corporate Debt Restructuring (CDR) programme is working as per schedule and will be completed by July 31, 2009.
The retail chain’s response came after there were reports stating that the programme is likely to hit a road block.
In an e-mail interaction with Business Standard R Subramanian, founder, promoter and managing director of Subhiksha, a Chennai-based retail chain, said, “CDR process is working as per schedule and will be completed by July 31, 2009.
“We had been admitted to CDR on January 31, 2009. CDR is a time-bound process where the maximum time allowed is 180 days.”
He added, Subhiksha was funded by 13 banks with a total exposure of about Rs 800 crore. The CDR process is an elaborate exercise involving viability analysis and restructuring and infusion of fresh loans.
Considering the large number of banks and the amounts involved “and the fact that this is the first CDR in the services sector and the rigour of the CDR process the process is working as per schedule”.
“We do not believe that there are any insurmountable issues impacting the CDR.”
He added the company will submit the audited balance sheet to the Madras High Court by May 20, 2009. “Whatever conditions court has imposed, we will naturally comply.”
The court, on April 27, directed Subhiksha to to submit all the accounts on or before May 20, 2009.
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