Debt Liabilities Chenab Group Again As 14,000 People Are Next Generation of the Family Begins to Take Two Equal Fresh Loans I.E

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Debt Liabilities Chenab Group Again As 14,000 People Are Next Generation of the Family Begins to Take Two Equal Fresh Loans I.E The Business | EDITORFrIidaAy , FebL ruary 210, 26020 Is ChenOne, parent company Chief Editor about to make a comeback? Part 3 Irfan Athar Qazi HASSAN NAQVI is also a fact that banks have a vested inter - sent. However, their formal approval is in the new investor whereupon the banks will est in ensuring that the company is able to process. “We are still awaiting the approval also be requested to provide an equal amount E-mail: [email protected] he entire textile industry faces continue repaying its loans and would gen - of the banks set out in the hereto. of Rs350 million for Exports Based Limits them. And while facing those is - erally seek to avoid placing the company in Once these approvals are received, we to meet the working capital requirements. [email protected] sues, the industry as a whole had a a situation where the only solution to repay - will execute this term sheet and proceed to The plan stated that on account of prevailing verTy good year in 2011, growing revenues ing its loans would be to liquidate the whole finalise a scheme of arrangement in accor - situation, the fact that the Chenab Ltd’s oper - by 40.8 percent to Rs713 billion, according company. Banks start restricting working dance with our counsel’s advice,” the HBL ations are suspended since 2017 and in order Tijarat House, 14-Davis Road, Lahore to a compilation of financial data of all pub - capital financing generally when they do not letter stated. Chenab group’s short-term to make the project economically and finan - licly listed textile companies compiled by have confidence in the company’s manage - loans from different banks and financial cially viable, the rate of markup on the 0423-6312280, 6312480, 6312429, 6312462 the State Bank of Pakistan. Hence, Chenab ment to be able to either generate enough houses are Rs4,344 million whereas its rescheduled loan be reduced to five percent Ltd cannot cite that as an excuse: everyone cash flow from that financing to repay the long-term loans are Rs5,131 million. It per annum. Cell # 0321-4598258 else was also facing those exact same issues loan, or they do not trust the management to owes Rs1,739 million to Habib Bank, “The annual mark up on tier I loan will be and managed to do very well nonetheless. repay the loan even if they earn enough Rs1,366 million to United Bank, Rs1,227 started from the date of sanction of plan So what else could explain that massive money to do so. Neither of those reflects million to Bank of Punjab, Rs844 million to whereas the mark up to be charged at three 1st Floor Ahmed Plaza near Zong Office drop? Whispers of impropriety Some in - well on a company’s management, and that Askari Bank, and Rs601 million to Allied percent per annum for tier II loan for the first dustry observers – especially competitors of is certainly an image that Chenab Ltd had to Bank. Apart from that the group owes short 7.5 years will be considered as contingencies Susan Road, Faisalabad, Ph: 041-8555582 Chenab Ltd – allege that the company has struggle with for several years. and long term loans another 17 banks and fi - in the future projections of the company and engaged in financial impropriety, moving Indeed, matters got so bad, that by 2017, nancial institutions including BankIslami, thereafter it will be accrued at five percent cash overseas to buy assets and hollowing one of the company’s lenders, Saudi Pak In - National Bank of Pakistan, Albaraka Bank, after the payment of tier I loan,” Mian Latif ISLAMABAD / RAWALPINDI out the Pakistan-based business in order to dustrial and Agriculture Investment Com - Habib Metropolitan Bank, Silkbank, Stan - stated in his submission before the LHC. N-125 Circular Road, Ph: 051-5551654, secure write-offs of the loans. pany sued the company for repayment of its dard Chartered Bank, MCB Bank, Citibank, Mian Latif also mentioned that the mark-up 5532761, Cell # 0300-8567331 Kashif flatly rejected the allegations. “If loans, trying to force a liquidation of its as - Faysal Bank, Saudi Pak Industrial and Agri - of tier I and tier II will be accrued at five per - KARACHI we had done offshore investments or had sets to be repaid, which resulted in the La - culture Investment Company, Pak Oman In - cent per annum and will be paid within three 3rd Floor Kehkashan Mall 172-I Block II PECHS moved our capital to offshore locations we hore High Court ordering the company to vestment Company, First Punjab Modaraba, years after the payment of entire principal Opp Rehmania Masjid Main Tariq Road wouldn’t have been present in the country shut down operations on June 20, 2017. Pak Libya Holding Company, Pak Kuwait amount. However, markup calculated at 3pc Ph: 021-34524550, Cell # 0300-8251534 and negotiating with the government for re - Chenab owes Saudi Pak Rs357 million. Investment Company, Orix Leasing and for tier II and total existing outstanding structuring of our debts,” he said. “People Chenab appealed that decision to the Orix Investment Bank, First Credit and In - markup be waived off on successful comple - who are involved in offshore investments, Supreme Court, which overturned the La - vestment Bank and First National Bank tion of repayment plan of fresh loans. Fol - they sell the machinery, cheat banks, and hore High Court’s decision on January 8, Modaraba. According to the plan of restruc - lowing which the LHC on December 5 last save themselves. But we kept on trying for 2019. Now, however, it appears that the tide turing of Chenab Group’s debt, the total year, accepted the interim relief and the com - settlement because we wanted to run the may finally be turning, particularly as the debt of Chenab Ltd would be divided into pany is temporarily allowed, till the disposal Debt liabilities Chenab Group again as 14,000 people are next generation of the family begins to take two equal fresh loans i.e. Tier I Loan and of the main application, to resume the com - employed in it.” Although he rejected the more control. The restructuring plan On Tier II Loan each comprising of Rs4.738 mercial operation and production units of the offshore investment allegations, he added September 28, 2019 Mian Muhammad Latif billion. The tier I loan will be paid in 30 company. “Company shall keep this court that the US market was huge and they had a through his counsel Advocate Salman Butt quarterly installments (7.5 years) commenc - informed of the developments in operations lot of business there due to which they es - filed a civil miscellaneous application in the ing from the date of sanction of the pro - of the company by filing monthly statements Pakistan’s Total Debt and Liabilities (TDL) continue tablished an office there. “[Our customers in LHC, attaching a restructuring plan of the posal. The tier II loan will be paid in 26 through the official liquidators and finaliza - to increase consistently and at a very rapid pace. In a the United States] asked us to develop ware - company, along with an instant application quarterly installments (6.5 years) commenc - tion of the rescheduling plan and the scheme house and office in US to cut their costs to for grant of interim relief in the form of stay ing from the date of completion of tier I of arrangement,” Justice Jawad Hasan an - debt policy statement laid before the parliament, the minimize their expenses and they shifted the of operation of the winding up order, to re - loan. Kashif shared that his family jointly nounced in an open court on December 5, Ministry of Finance has acknowledged that debt and lia - burden completely on vendors,” Mian strain the joint official liquidators from pro - holds 60.1 percent of the company. 2019. Will it work? The company appears to bilities of the country that stood at Rs 29.879 trillion at Kashif said. “They asked us to bring our ceeding further in the matter, and to allow “To raise funds for meeting the working be clearly dedicated towards making the core the end of fiscal year 2018 had crossed Rs 41.489 tril - products there, keep it in the warehouse and the management of Chenab Group to take capital requirements, we brought an investor business function, going so far as to sell off supply it locally,” he added. steps for rehabilitation of the spinning, by disinvesting one-third of our sharehold - some real estate that – while technically lion by the end of September, 2019, showing a massive There were also allegations that the stitching and weaving units of the company ing in the company (20 percent) to this in - owned by the company – is likely thought of increase of 39 percent. These liabilities which were 86.3 ChenOne stores in the UAE and Saudi Ara - (Production Units). Mian Muhammad Latif vestor at the rate of Rs15.20 per share for a by the Latif family as their family properties. percent of GDP in fiscal year 2018 had risen to 94 per - bia continue to do brisk business, but the through his counsel submitted that he has a total consideration of Rs350 million.” Mian That willingness to sell non-core assets to company does not repatriate its profits from strong case against the liquidation order as Latif through his counsel also agreed to sell make the business work is likely what per - cent of GDP by end June, 2019. Total public debt in - there to repay their loans.
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