In third default in 14 days, Cox & Kings misses Rs 125-cr debt payments

Cox & Kings has defaulted on commercial paper of Rs 125 crore, the tour operator informed the stock exchange on Wednesday. This is the third default of the company in the past fortnight, totaling Rs 325 crore.

The tour operator has been facing a cash crunch resulting in delays in salaries and vendor payments. The International Air Transport Association has suspended the company from selling tickets on credit as it reviews its credit worthiness.

“The company is working closely with its lenders to optimise its strong asset base globally and bring the situation back to normal as soon possible,” Cox