Cox and Kings defaults again; shares at record low

MUMBAI: Cox and Kings defaulted on a Rs 45-crore commercial paper and interest payment on a non-convertible debentures to the tune of Rs. 41,09,589.

On Tuesday, its shares fell 4.77 per cent to a record low of Rs 19.95.

IT was fourth default by the travel and tour business in last one month.

Rating woes have also continued for Cox and Kings as Care Ratings last week downgraded the tour operators rating to default grade, as it grappled with a cash crunch to service its debt and other obligations.

Cox and Kings ad said the ratings agency has downgraded issuer rating on Rs 1,750 crore long-term facilities and Rs 1,685 crore commercial paper to D, while it reaffirmed the companys Rs 250 crore non-convertible debenture issue, and Rs 375 crore commercial papers at D or default rating.

Last week, Cox & Kings defaulted on Read More – Source