Coffee Day seeks more time from creditors to repay Rs 4,970-crore debt

After the demise of Coffee Day founder V G Siddhartha last month, this is the first time the group gave a clear picture of its overall debt position

Coffee Day Enterprises (CDEL) has appealed to its lenders and creditors to give it sufficient time to honour its repayment obligations. 
 

In a regulatory filing on Saturday, the Bengaluru-based company also said its recent move to divest Global Village Tech Park would reduce the group’s total debt significantly to around Rs 2,400 crore, from Rs 4,970 crore at the end of July. 

The overall debt will come down to around Rs 1,000 crore if the financial liabilities of Sical Logistics (another listed company from its stable) and that of Magnasoft Consulting, the privately-held IT services firm, are not included.