An entity owned by Thyrocare's former promoter A Velumani has given an INR 420-crore loan to Appu Hotels , which operates the five-star properties Hotel Le Royal Meridien in Chennai and Le Meridien in Coimbatore. The loan has a 2-year tenure with a coupon of 17%. It was given by iHeart Properties, a company owned by Velumani.
Appu Hotels' promoter Palani Periaswamy raised the INR 420-crore debt to regain control of the five-star properties from lenders under the Insolvency and Bankruptcy Code (IBC). The loan will be used to settle INR 340-crore worth claims of secured creditors and INR 49-crore worth claims of unsecured creditors.
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