CDR process to take six weeks more: Subhiksha

Embattled retail chain Subhiksha today said the ongoing corporate debt restructuring (CDR) process in the company would take another six weeks to be over and any decisions regarding raising of debt would be likely only after that period.

"The (CDR) process will run for another six weeks before we have anything concrete to report," Subhiksha Trading Services Managing Director R Subramanian told PTI in a reply to an email query.

He said any likelihood of raising debt to resuscitate the company's operations would happen only after the CDR is over.

Subhiksha, whose operations have been at standstill since the past two-three months, require around Rs 300 crore of liquidity to revive the company's business.

On being asked about any possibility of change in Subhiksha's board, Subramanian said: "Not till CDR is over. There is no such demand from anyone."

There has been no word from ICICI Venture or any other of the company's stakeholders in the last few days, he added.

Subramanian said the merger issue between Subhiksha and Chennai-based Blue Green Constructions would come up for hearing on March 9.

He, however, refused to state anything regarding the company's position over the merger deal citing the sub-judice nature of the issue.