CFM ARC wins bid for defunct Carnival Cinemas

economictimes.indiatimes.com:

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.

• Stock Trading

  Macroeconomics Made Easy: Online Certification Course

  By — Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant

• Stock Trading

  ROC Made Easy: Master Course for ROC Stock Indicator

  By — Souradeep Dey, Equity and Commodity Trader, Trainer

• Stock Trading

  Candlesticks Made Easy: Candlestick Pattern Course

  By — elearnmarkets, Financial Education by StockEdge

• Stock Trading

  Options Trading Course For Beginners

  By — Chetan Panchamia, Options Trader

• Stock Trading

  Stock Investing Made Easy: Beginner's Stock Market Investment Course

  By — elearnmarkets, Financial Education by StockEdge

• Stock Trading

  Commodity Markets Made Easy: Commodity Trading Course

  By — elearnmarkets, Financial Education by StockEdge

• Stock Trading

  Mastering Options Selling: Advanced Strategies for Success

  By — CA Manish Singh,