Cable Corporation updates on loan repayment to JP Morgan

Cable Corporation of India Ltd has announced that the Company has availed off a loan from J P Morgan Chase Bank Ltd, amounting to Rs 53.32 crores and as per loan agreement dated November 30, 2005, the Company has an obligation to pay:

- 3rd installment of the loan amounting to Rs 23.59 million falling due on June 13, 2007

- Interest for the quarter ending on the same date i.e. June 13, 2007 amounting to Rs 1.38 million.

The Company has requested J P Morgan Chase Bank Ltd to keep the payment obligations under abeyance till a suitable financial structure is arrived at.

Source : Equity Bulls

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