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Leela Hotel Venture To Face Insolvency Case By JM Financial ARC.

Courtesy/By: Rishikesh | 28 Feb 2019

An insolvency case was filed by JM Financial Asset Reconstruction Company Ltd against Leela Hotel venture Ltd at the National Company Law Tribunal (NCLT), Mumbai.
The Leela Hotel venture, which has an outstanding debt of around ?3800 crore and it has been in talks with Canada-based Brookfield Asset Management to sell its assets to the latter to pare debt and at any time the deal of selling a bouquet of hotel assets from Leela for around ?4500 crore will be confirmed.
On 17th December Mint has reported that
the company is close to buying at least four of five luxury hotels and a large land parcel owned by Leela Hotel venture. The Mumbai-based hotel chain owns five luxury hotels comprising over 1,400 rooms in New Delhi, Bengaluru, Chennai, Mumbai, and Udaipur. Brookfield is likely to buy at least four of these properties and a large land parcel in Agra. As part of the deal, Brookfield is likely buyout the Leela brand as well.
Hotel Leela venture during 2014 had transferred its loans from 14 creditors to asset restructuring firm JM Financial ARC post failure of its corporate debt restructuring plan. In September 2017, it allotted over 160 million shares worth about ? 275 crores to JMARC on conversion of debt to equity. JMARC owns 26% in Hotel Leela Venture. The bulk of the proceeds from the transaction was expected used to repay the 14 lenders.

Courtesy/By: Rishikesh | 28 Feb 2019