27 March 2016 – The Times of India
New York – In a major relief, Sahara Group has got time till June to avoid any foreclosure auction of its two marquee hotel properties here by mortgage holders Reuben Brothers, who had extended a $900 million loan refinance facility to the embattled Indian group.
The billionaire investors David and Simon Reuben were reportedly earlier looking at a foreclosure auction in April to recover their facility which they had provided to Sahara Group to refinance an earlier loan from Bank of China that had overseas hotels of the Indian group as collaterals and cross collaterals.
Sources said Sahara has now been given time till June by Reuben Brothers. When contacted, a Sahara spokesperson confirmed the development but did not elaborate.
Query sent to Reuben Brothers did not elicit a response. The foreclosure auction of iconic Plaza and trendy Dream Downtown properties was said to take place in April.