14/11/2024, 10:48:03 am

CFM ARC wins bid for defunct Carnival Cinemas

Distressed debt aggregator 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. Carnival's debt was taken over by JC Flowers from Yes Bank in December 2022.