Subhiksha CDR process may be extended

Beleaguered retail chain Subhiksha and its lenders failed to release the company's corporate debt restructuring (CDR) report by the stated deadline of today, leading to speculation that the process may be delayed further.

The CDR process was supposed to be completed by July 31 but no announcements were made by the company or its lenders till the time of filing the report.

When asked about the CDR process, Subhiksha Trading Services Managing Director R Subramanian told PTI, "We will have a formal announcement on Monday or Tuesday. Do wait for that."

ICICI Ventures, the second-biggest shareholder in Subhiksha with a 23 per cent stake, could not be contacted.

An official of Azim Premji-promoted Zash Investments said: "We are not in a position to say anything. The entire CDR process has been handled by lenders led by ICICI Ventures and they have to take a call."

Meanwhile, CNBC TV 18 said quoting banking sources that the CDR process will miss the deadline and lenders of the retail chain are planning to give another month for the process to be completed.

Subhiksha has been undergoing CDR since January-February to make it eligible for fresh funds.