Hotel Leelaventure Defaults in Principal Redemption of Rs22.50 crore
Moneylife Digital Team 04 October 2018
Hotel Leelaventure Ltd has defaulted in payment of principal redemption of Rs22.50 crore that was due on 30 September 2018.
 
In a regulatory filing, Hotel Leelaventure says, "The Company's operating cash flows are not sufficient to service its term loans and non-convertible debentures (NCDs) and the funds of the Company are escrowed with its lenders and the inflows and outflows are also monitored by the lenders." 
 
"The Company is evaluating various options for a viable restructuring, including sale / monetization of non-core assets, sale of hotels, equity infusion and debt refinancing by investors,' Hotel Leelaventures added.
 
In December 2008, the company had issued secured redeemable non-convertible debentures on private placement basis aggregating to Rs90 crore to Life Insurance Corp (LIC) of India. 
 
Hotel Leelaventures has an outstanding of Rs13.80 crore and principal redemption outstanding of Rs67.50 crore. 
 
At 12.22pm Thursday, Hotel Leelaventures was trading 1% down at Rs14.14 on the BSE, while the benchmark Sensex was 2% down at 35,265.
Comments
R Balakrishnan
6 years ago
What a promoter!! Trace the history of the "Captain" and the dirt spills out even before this company was born. Laced with money from banks, a family built its fortunes
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