Alternative investment manager Ares SSG Capital Management has filed an application with the Bengaluru bankruptcy tribunal to admit Coffee Day Enterprises for corporate insolvency over its 228-crore bond default, people aware of the development told ET. The global fund filed the application through IDBI Trusteeship.
Coffee Day Enterprises (CDEL) informed the exchange about the insolvency application filed by IDBI Trusteeship without naming the bondholder. CDEL is Coffee Day Global’s holding company that operates the Cafe Coffee Day chain.
On March 31, 2022, CDEL had defaulted on 115.37 crore of bond payments to Credit Opportunities II Pte and 116.55 crore to India Special Situation Scheme, both funds of Ares SSG Capital.
Coffee Day Glo…
Read the full article at: https://retail.economictimes.indiatimes.com/news/food-entertainment/food-services/coffee-day-stares-at-corporate-insolvency-over-bond-defaults/103523313