Cox & Kings to delay results for June quarter

Troubled tours and travel firm Cox & Kings on Monday said it is not in a position to finalise and consider the financial results for the June 2019 quarter due to its ongoing resolution plan.

In separate regulatory filings, the company said it intends to extend the date of submission of the quarterly financial results and is also working on various other monetisation initiatives to address its liquidity issues.

The company is in the process of submitting its draft resolution plan to the lenders.

Citing an RBI Circular dated June 7, 2019, Cox & Kings said its lenders have signed the inter-creditor agreement (ICA) with the State Bank of India (SBI) as the lead banker.

As on date, 70 per cent of the lenders have signed the ICA and the company is pursuing with the balance lenders with respect to ICA signing, it added.

"Cox & Kings Ltd has now achieved standstill for 180 days as per the ICA. According to the RBI circular, the resolution plan of company is to be implemented within 180 days," the filing said.

The company is confident of implementing its resolution plan well within the stated period of 180 days based on its various asset monetisation initiatives, it added.

As per the RBI framework, resolution plan has to be agreed to by 60 per cent of lenders by numbers and 75 per cent of the lenders by value of debt.

"In view of the above, the company intends to extend the date of submission of the quarterly financial results for the quarter ended June 30, with the stock exchange," it said.

As such, the company is not in a position to finalise and consider the financial results on the standalone and consolidated basis along with limited review report of the company and its subsidiaries for the quarter ended June 30, 2019, it added.

The company is also working on monetisation plans and has appointed merchant bankers for the same, Cox & Kings added.

In another filing, the company said its board withdrew/cancelled the proposal of declaration of dividend of 20 per cent (Re 1) per share for the financial year 2018-19 declared by the board on May 30, 2019, due to current financial condition of the company.

In another filing, the company said that Malvern Group, which is 49 per cent owned by it, has declared insolvency in the UK.