Cox & Kings is planning to take steps to fix the 'temporary' cash flow mismatch. The company will also approach lenders to work out a 'time-bound' solution to this emergency.
On June 27, 2019 the company defaulted on payment of commercial papers due to cash flow mismatch. The company was required to pay Rs 200 crore, however, it was able to pay only Rs 50 and defaulted on Rs 150 crore. Moreover, the company is focusing on cash flow generation from each business and working at the highest priority to free working capital.
Cox and Kings is engaged in providing travel management solutions. Its services include destination management, outbound tourism, business travel, insurance and conference solutions. The firm also offers domestic holidays, trade fairs, foreign exchange and insurance.