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Rare ARC to aggregate Coffee Day Global loans

Economic Times  

Rare Asset Reconstruction Company (ARC) is preparing to aggregate loans of Coffee Day Global with the aim to emerge as majority lender. Last week, Rare ARC acquired a INR 110.4 crore loan of Coffee Day Global from RBL Bank for INR 68 crore (via an uncontested Swiss challenge auction). Coffee Day Global, which operates the CCD coffee chain, has INR 960 crore debt as on March 2022. This includes bank loans and inter-corporate deposits of INR 119 crore Tanglin Development Ltd, a group entity. The other lenders include Rabobank International, Deutsche Bank, Yes Bank, Kotak Mahindra Bank, IndusInd Bank and Karnataka Bank, according to the company's annual report for FY22.