CFM ARC wins bid for defunct Carnival Cinemas
CFM ARC has emerged as the winning bidder for defunct Carnival Cinemas.
This follows CFM offering ₹78 crore to take over Carnival's ₹1,290 crore debt from rival JC Flowers ARC, which did not get any challenging bid by the October 31 deadline, people familiar with the matter said.
JC Flowers will be transferring the loans of Carnival to CFM after completing the necessary paperwork and payment by this month-end, the people said.
JC Flowers declined to comment, while CFM did not respond to an email query.
Carnival's debt was taken over by JC Flowers from Yes Bank in December 2022 as part of a ₹48,000-crore stressed asset loan portfolio bought by the ARC for ₹11,200 crore in a 15:85 cash-to-security receipts structure.
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