Leela lenders sell Rs 3,880 cr loans to JM Financial

Hotel Leela has total debts of Rs 5,000 cr of which Rs 4,000 cr was from CDR lenders

Lenders to troubled hotel company Hotel Leelaventure have sold 97 per cent of their exposure to the asset reconstruction company of JM Financial.

Hotel Leela has total debts of Rs 5,000 crore of which about Rs 4,000 crore was from the corporate debt restructuring lenders.

"We have been informed by SBI that out of the 17 CDR lenders, 14 lenders with exposure of about 97 per cent of the total CDR debt have assigned the debt in favour of JM Financial Assest Reconstruction Company", said a statement from the Mumbai-based company.

The CDR empowered group, formed by the lenders, has approved the exit of the company from CDR.