Debt-ridden Hotel Leelaventure will renegotiate with possible lenders for a bridge loan as the terms for borrowing did not meet its requirements.
The hospitality chain that runs hotels and resorts under the Leela brand, at its board meeting held on Wednesday authorised its CMD Vivek Nair “to negotiate and finalise the terms and conditions of the bridge loan for meeting the debt service obligations.”“... the company at its meeting held on March 12, 2014, considered the progress on the sale of assets and indicative term sheets for a bridge loan and resolved that the terms of the loan do not meet the Company’s requirements,” the company said in a filing to BSE.
The firm, which has reportedly over Rs 4,500 crore debt had stated earlier this week it has been in talks with investors and lenders, for raising funds to repay debt.
Published 12 March 2014, 16:40 IST