Coffee Day Enterprises Ltd has reported a total default of Rs 465.66 crore on payments of interest and repayment of principal amount on loans from banks, financial institutions and Unlisted Debt Securities as NCDs and NCRPS, for the quarter ended September 30, 2022.
Coffee Day Enterprises Ltd (CDEL) which is paring its debts through asset resolution, has a total debt of Rs 490.66 crore, including short-term and long-term debt.
"The delay in debt servicing is due to liquidity crisis," said Coffee Day Enterprises Ltd (CDEL) in a regulatory update.
CDEL has reported a default of Rs 215.11 crore on the payment of the principal amount on loans or revolving facilities like cash credit from banks or financial institutions as on September 30, 2022.
Besides, it has also defaulted on payment of interest of Rs 5.78 crore on the above, informed CDEL.
While for unlisted debt securities such as NCDs (Non-Convertible Debentures) and NCRPS (Non-Convertible Redeemable Preference Shares), the outstanding amount of default is Rs 200 crore as of September 30, 2022, along with a default in payment of interest of Rs 44.77 crore on the same.
After the death of founder Chairman V G Siddhartha in July 2019, CDEL was in trouble and pared debts through the resolution of assets.
In March 2020, CDEL announced repaying Rs 1,644 crore to 13 lenders after concluding a deal with Blackstone Group to sell its technology business park.
CDEL in its latest annual report had informed its "debt levels have reduced significantly".