Debt

Debt financing

Pristine Logistics frontrunner to buy Sical Logistics under IBC

Business Line  

Private equity firm Global Infrastructure Partners-backed Pristine Logistics has emerged as the top contender to buy Sical Logistics, the bankrupt firm previously owned by the Coffee Day Group. Pristine is the only sectoral player among four to file a resolution plan when the deadline ended. The corporate insolvency resolution process of Sical must be completed by February 6 when the 270-day timeline set by the Insolvency and Bankruptcy Code ends. Mumbai-listed Sical Logistics owes INR 1,599.50 crore to a clutch of banks and financial institutions such as Bank of Baroda, YES Bank, RBL Bank and IDFC Bank. Of this, the resolution professional has admitted INR 1,574.06 crore. In 2011, the Coffee Day Group, through its subsidiary Tanglin Retail Realty Developments Pvt Ltd, had acquired Sical Logistics from the Chennai-based MA Chidambaram Group.