NEW DELHI: Debt-weighted down Hotel Leelaventure will take a selection on promoting its Chennai property rapidly, said its chairman Vivek Nair.
The 326-room sea-dealing with the resort in Chennai has been on the block for some time.
The hotel chain has been looking for restructuring of its repayment plan from JM FinancialNSE zero.91 % Asset Reconstruction Company, which purchased its loans from creditors in 2014.
Nair, who declined to disclose the corporation’s total debt, stated the asset reconstruction plan with the creditors changed into on the “proper path” and that the new management agreement method becomes running properly for the chain.
“This new method of removing tasks on management contracts in preference to placing our personal money is operating properly. We have close to thirteen new projects now. One of them was a land bank in Agra. That may be sold to any individual who wants to put up the lodge there,” he said.
The preceding company debt restructuring allowed lenders with publicity of ninety-five .6% of the debt to assign their debt to JM Financial Asset Reconstruction Company and one lender, with exposure of approximately 1% of the debt, to Phoenix Asset Reconstruction Private Limited in June 2014.
In its effects for the region ended December 2017, Hotel Leelaventure had stated that it become pursuing a viable restructuring bundle with positive concessions in interest and repayment terms, and pending approval of the identity had not supplied for interest.
It had said that the asset reconstruction companies had notified it that the hobby and penal hobby have been applicable as in line with the prices contracted prior to admission to company debt restructuring and that the effect of the non-provision changed into understatement of finance price for the October-December region to the volume of approximately Rs 184.73 crore.
ET had formerly suggested that the employer became in search of an interest alleviation window of three years.
With the signing of a brand new, three hundred-room assets, Leela Gandhinagar, in Gujarat, the chain’s portfolio of homes now consists of 10 inns. Its upcoming initiatives encompass a resort in Jaipur, a palace motel in Agra, and commercial enterprise motels in Bengaluru and Hyderabad, and it plans to amplify to the Maldives, Dubai, and Seychelles.
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