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Our Bureau For the third time in a month, travel company Cox and Kings has defaulted on payments. On Tuesday, it informed the stock exchanges it has defaulted on ₹10 crore on commercial papers. In the past month, it has defaulted twice — on ₹174 crore and ₹45 crore — on commercial papers.
The firm has been facing a liquidity crunch for the past few months, leading to default on loans and rating downgrades. Its independent director Subhash Chandra Bhargava, too, announced his resignation from the board last week.
On July 1, Cox & Kings had said in a filing that its “working capital situation was stretched in the last few months, which was further impacted due to its inability to replace short-term loans with long-term loans or regular working capital lines.”
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