Core Education & Technologies is looking for fresh funding of around Rs 200 crore from lenders as part of debt restructuring to get itself out of a difficult situation. The company is facing immense financial stress during April-June quarter due to decrease in the sales revenue and increase in overdue trade receivables.
Education services company has already asked Corporate debt restructuring (CDR) cell to rework repayments for 50% of its Rs 1,300 crore worth of advances. It is also in talks (on bilateral basis) to recast balance portion.
CORE Education & Technologies operate in three segments; Education, Enterprise Resource Planning (ERP) and consulting and logistics.