Coffee Day Group's Sical Logistics seeks one-time moratorium from lenders

Sical has been working on the divestment of certain assets and the proceeds from divestment are expected to significantly reduce the company's debt

Sical Logistics Ltd, a part of the Coffee Day Group, asked its lenders to provide a one-time moratorium of three months from servicing their debts. The company said that it is planning to deleverage the company and its subsidiaries in line with the observations made by its holding company Coffee Day Enterprises Ltd, after the demise of its promoter V G Siddhartha.

Sical told the National Stock Exchange that it would utilise the available internal resources to augment the existing  cashflows to cater to the needs of business verticals and that it had asked lenders for a moratorium from August 2019