Relief for Roy as Miami's Mirach Capital to pump in $2 bn in Sahara

There’s finally a glimmer of hope for the Sahara Group as Miami-based debt fund with special focus on distressed assets, turnarounds, Mirach Capital has decided to pump in $2 billion into the group. [caption id=“attachment_2043563” align=“alignleft” width=“380”]  Saransh Sharma, CEO of Mirach Capital. CNBC-TV18[/caption] Mirach Capital has decided to take over Sahara’s Bank of China loan of $882 million and extend one worth $650 million to the group. The loan will be extended for one year, with interest of 11 percent. Moreover, in an interview with CNBC-TV18, the debt fund confirmed that it has eyes set on Sahara’s three marquee properties – Grosvenor House in London and two premium properties in New York – in the event of a default. In an exclusive conversation with CNBC-TV18, Saransh Sharma, CEO of Mirach Capital, said the debt fund’s exposure is not so much to Sahara as an entity but to three hotels, which are the “Monalisas” of the industry and that the endgame is to secure ownership and control of the three hotels. Stating that Sahara’s assets have been neglected due to stress and litigation, Saransh said he sees great opportunity and expects a turnaround.