India's Sahara Group gets extension to sell hotels

India's Supreme Court has given a second extension to the Sahara Group to negotiate a deal for selling its three overseas hotels and raise funds to repay its bondholders, reports The Wall Street Journal. The court has allowed the company 15 working days more starting Wednesday.

The current deadline ends on Tuesday. An earlier deadline had expired in August.

Sahara's Chairman Subrata Roy and two directors were sent to jail in March after the group failed to repay billions of dollars to bondholders.

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The company has been trying to sell its overseas properties—Manhattan's Plaza Hotel and Dream Hotel and Grosvenor House in London. The court has also allowed Roy to hold talks with prospective buyers from the jail's conference room via video conferencing. However, Sahara hasn't succeeded in closing the deals so far.

"We are in talks with more than one prospective buyer to sell the three overseas hotels," Sahara's lawyer S. Ganesh told the court Monday. "We are also looking to raise loans on these properties."