Some of the lenders of debt-ridden Deccan Chargers Holding Ltd. (DCHL) are not keen on a debt recast of the company owing to lack of clarity over the approach and pending submission of a forensic audit report.
The decision of the select group of lenders comes even as there is a board resolution passed by DCHL for going to the Corporate Debt Restructuring cell to recast its Rs.5,000-crore debt.
Private sector banks such as Axis Bank and ICICI Bank were not so keen for a debt rejig as differences persisted whether it would be done at the holding entity level of DCHL or at the subsidiary level, banking sources said.
Some were also awaiting the forensic audit report conducted by Canara Bank into the accounts of the company, they added, pointing out to one more area of reservations.
The debt recast, if approved, will provide the company the much-needed respite by reducing the interest rate and rescheduling payment, among others.
DCHL, which runs newpapers such as Deccan Chronicle and Financial Chronicle, has also involved in businesses such as sports, retail chain, among others. Shares of Deccan Chronicle Holdings were at Rs.9.85, down by 4.92 per cent, on Tuesday on the BSE, and had lost around 72 per cent from the beginning of this year.
