Cox and Kings India granted 180 days to solve financial crisis
Cash strapped Travel company Cox and Kings India has been unable to declare its quarterly financial results, and has been granted a 180-day delay to finalise a resolution plan.
The company has been in dire financial straits for some time and has defaulted on multiple loan repayments in the past few months.
In a stock exchange filing it intends to extend the submission for Q1 results.
"The revised date of the meeting to consider the said quarterly financial results shall be communicated at the earliest date possible."
It says more than two-thirds of lenders, which include the Satate Bank of India, have signed the InterCreditor Agreement for a 180-day period so that the resolution plan can be completed.
IATA suspended the company’s licence to sell tickets and Cox & Kings independent director Subhash Chandra Bhargava resigned from the board last week.
Its financial troubles prompted the collapse of Malvern, the parent of Superbreak and LateRooms Ltd, in the UK, which is now undergoing insolvency proceedings.
Cox & Kings India had a 49% shareholding in Malvern Group Ltd.
Cox & Kings UK has insisted it is unaffected, saying it is a separate business.
Meanwhile, Cox & Kings, The Americas assured its customers it is not affected by the India-based company’s financial plight as it operates as an independent business.
"This has resulted in some confusion as to the distinct businesses under the brand and how they are differentiated, which is important, given the operational independence of each one."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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