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HOTEL LEELAVENTURE LTD. - Updates on Bridge Loans
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21 May 2014
With reference to the earlier announcement dated March 12, 2014 regarding the Board considered the progress on the sale of assets and indicative term sheets for a bridge loan from Kohlberg Kravis Roberts (KKR) and resolved that the terms of the loan did not meet the Companys requirements and had to be negotiated and authorised Mr. Vivek Nair, Chairman and Managing Director and Mr. Dinesh Nair, Co-Chairman and Managing Director to negotiate and finalise the terms and conditions of the bridge loan for meeting the debt service obligations of the Company, Hotel Leelaventure Ltd has now informed BSE that the Company had extensive negotiations with Kohlberg Kravis Roberts (KKR) on the terms and conditions and the security structure for the bridge loan. As the terms could not be finalised to the satisfaction of the Company, KKR and CDR Lenders, it was communicated by KKR in the meeting of the CDR Lenders held on May 20, 2014 that they would not be providing the bridge loan to the Company.
View all announcements for HOTEL LEELAVENTURE LTD. Source: BSE India