• KKR to back Leelaventure

Buyout specialist KKR is in talks to lend Hotel Leelaventure INR2,000 crore, around USD330m, to help it cut outstanding debts of more than double that amount. The loan would be secured on two hotel properties, reports India’s Economic Times.

Leela agreed a restructuring of debts with its banks in mid 2012, but must deliver INR2,000 crore by the end of March to prevent a default. The advance against hotels in Chennai and Delhi is said to be for two years, and will carry a 17% interest rate.
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