25 July 2019: Tours and travel services firm Cox & Kings on Wednesday said it has defaulted on commercial papers worth ₹174 crore.
This is another instance within a span of four weeks that the beleaguered firm has defaulted on meeting financial obligations.
“The company is working closely with its lenders to optimise its strong asset base globally and bring the situation back to normal as soon as possible,” Cox & Kings said in a regulatory filing.
Earlier in a regulatory filing on July 16 this year, the company had said it defaulted on payment on unsecured commercial papers worth ₹45 crore.
On July 1, Cox & Kings had said in a filing that company’s working capital situation was stretched in the last few months, which was further impacted due to its inability to replace the short term loans with long term loans or regular working capital lines.
The company is taking all required measures to resolve the temporary cash flow mismatch, it had said.
Shares of Cox & Kings closed at ₹14.75 per scrip on the BSE, down 4.84 per cent from the previous close.