United Kingdom
United States
Asia Pacific
Cox and Kings India delays financial results
Cash strapped Travel company Cox and Kings India has been unable to declare its quarterly financial results, and has been granted a 180-day delay to finalise a resolution plan.
The company has been in dire financial straits for some time and has defaulted on multiple loan repayments in the past few months.
In a stock exchange filing it intends to extend the submission for Q1 results.
"The revised date of the meeting to consider the said quarterly financial results shall be communicated at the earliest date possible."
It says more than two-thirds of lenders, which include the Satate Bank of India, have signed the InterCreditor Agreement for a 180 day period so that the resolution plan can be completed.
IATA suspended the company’s licence to sell tickets and Cox & Kings independent director Subhash Chandra Bhargava resigned from the board last week.
Its financial troubles are tied to the collapse of Superbreak and LateRooms Ltd in the UK which are undergoing insolvency proceedings.
Cox & Kings India had a 49% shareholding in Malvern Group Ltd.
Meanwhile, Cox & Kings, The Americas assured its customers it is not affected by the India based company’s financial plight as it operates as an independent business.
"This has resulted in some confusion as to the distinct businesses under the brand and how they are differentiated, which is important, given the operational independence of each one."
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Sustainable Tourism: Don Welsh on Community Values and Global Collaboration
Jane Cunningham: Enhancing European Engagement in Tourism
Kristin Dunne: Navigating Destination Strategy
Revolutionizing Mobile Connectivity: Boris Bijlstra on HUBBY eSIM
Capturing Glasgow’s Vibrancy: An Interview with Susan Deighan, Chief Executive of Glasgow Life
Lebua Hotel & Resorts: Rajan Khurana on Hospitality and Bangkok’s Charms
Sustainable Tourism and Growth: Insights from Chiravadee Khunsub from Tourism Authority of Thailand
Revolutionizing Travel: SmartSIM USA’s Dale Takio Unveils the Power of E Sims
TravelMole Interview with Hishan Singhawansa, Deputy CEO of Cinnamon Hotels & Resorts, Sri Lanka
Unveiling the Essence of Magari Tours: A Dive into Authentic Italian Experiences
EU airports bring back 100ml liquid rule
British Airways passengers endure 11-hour 'flight to nowhere'
CLIA: Anti-cruise demos could cause itinerary changes in Europe
Co-pilot faints, easyJet flight issues ‘red alert’
Gatwick braces for strike