Debt

Debt financing

Pristine Logistics gets lenders' nod to buy Sical Logistics for Rs.520-Cr

Business Line  

Pristine Logistics & Infraprojects has secured approval from a lenders panel to acquire Chennai-based Sical Logistics, the bankrupt firm previously owned by the Coffee Day Group, for about INR 520 crore. The creditors have agreed to take a haircut of 65% to put the company back on track on a going concern basis. In March last year, the National Company Law Tribunal (NCLT) ordered the start of the corporate insolvency resolution process (CIRP) under the bankruptcy law against Sical Logistics. 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 Ltd, RBL Bank Ltd, IDFC Bank Ltd, among others. 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 , acquired Sical from M A Chidambaram Group.