The CDR - Empowered Group (CDR-EG) has approved the exit of Hotel Leela Venture from Corporate Debt Restructuring (CDR). The lenders of the company had restructured its debts under the CDR mechanism effective from January 2012.
The total debt of the company as on June 30, 2014 was about Rs 5,000 crore, of which about Rs 4,000 crore was from the CDR lenders. Out of 17 CDR lenders, 14 lenders with exposure of about 97% of the total CDR debt have assigned the debt in favour of JM Financial Asset Reconstruction Company on June 30, 2014.
Hotel Leelaventure operates hotels and resorts in India. It also operates spas; and offers facilities for meetings and events, weddings, and social celebrations. The company’s portfolio includes luxury hotels and resorts primarily in Mumbai, Bangalore, Goa, Kovalam, Gurgaon, and Udaipur.
