 "Lenders descend on Deccan Chronicle to pick up the pieces")
Some 28 lendershave descended on beleaguered Deccan Chronicle Holdings Ltd (DCHL) to secure their interests and negotiate the recovery of their dues.
Deccan Chronicle has outstanding dues of well over Rs 3,270 crore to financial and non-financial institutions who are now discussing various alternatives to rescue their exposures from turning bad, reports DNA . ICICI Bank has the highest exposure of Rs 490 crore , followed by Axis Bank at Rs 400 crore, Canara Bank at Rs 350 crore and Andhra Bank at Rs 200 crore.
According to the report, the alternatives include unlocking the value of the company’s IPL team Deccan Chargers, other DCHL brands and selling off their assets like the aircraft owned by the promoter before there is a further deterioration in their value.
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Deccan Chronicle has reportedly mortgaged its printing presses located at Kompally in Hyderabad, Visakhapatnam and Coimbatore with IndusInd Bank to raise Rs 100 crore as well as a 2,460 sq metre plot along with buildings located adjacent to its corporate office on 36, Sarojini Devi Road, with Indian Overseas Bank to raise another Rs 70 crore.
The lenders had also discussed private placement of pledged shares and actions for a change of management of DCHL through the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI). But the two options were ruled out.