Subhiksha Bailout

Subhiksha's Travails
Subhiksha is nowhere near resolving its financial problems and getting back into operation.
The Chennai based Subhikhsa with 1600 stores till last year has still not been able to put a bailout plan into place with it's 13 major creditors. Whereas the company had expected to put the corporate debt restructuring plan ( through its main lenders) by April of this year, lack of clarity on the exact financial position of the company has prevented this from happening.
The major lenders of Subhiksha include HSBC, ICICI Bank, ABN AMRO, HDFC Bank & Bank of Baroda. ICICI owns 25% of the company and Premji Investments own 10%.
Subhiksha's operations currently have come to total halt with most stores either having been taken over by the landlords or without any supplies. Most major suppliers like HUL and P&G and others have stopped supplies to the retailer.