Coffee Day Enterprises (CDEL) informed the exchange about the insolvency application filed by IDBI Trusteeship without naming the bondholder. CDEL is Coffee Day Global s holding company that operates the Cafe Coffee Day chain. On March 31, 2022, CDEL had defaulted on ₹115.37 crore of bond payments to Credit Opportunities II Pte and ₹116.55 crore to India Special Situation Scheme, both funds of Ares SSG Capital.
The struggling Chicago suburb is waiting on audited financial statements that, once in hand, will pave the way for an exchange offer to its GO bondholders.