Cox & Kings update on temporary cash flow mismatch

Cox & Kings announced that the working capital situation at Cox & Kings stretched in the last few months and was further impacted due to its inability to replace the short term loans with long term loans / regular working capital lines.

The Company is taking all required measures to resolve the temporary cash flow mismatch. It is evaluating each business and identifying ways to improve operational performance. The Company is focusing on cash flow generation from each business and working at the highest priority to free working capital.

The company will also be approaching its lenders to work out some time bound program to meet this emergency.

For the benefit of all its stakeholders, the Company asserts that C&K has robust operating businesses. It has a thriving and highly valuable Hybrid hotels business in Meininger. It has a niche business in Leisure International. C&K is also an emerging player in the visa processing services business. Each of these businesses carries high intrinsic value.

In the circumstances above, the company requests the co-operation and understanding of all its stakeholders, including employees, franchisees, shareholders, lenders, vendors and other partners; as we work tirelessly to restore the unblemished value in the legacy brand.

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