Increased levels of borrowing and encumbered shares had taken VG Siddhartha's Coffee Day group to the brink
The signs of trouble at Coffee Day Enterprise Ltd (CDEL), which is positioned as the holding company of the Coffee Day Group, were in the offing, but none thought it would force VG Siddhartha to take an extreme step.
The group has a complex web of entities (see chart) that houses its logistics, real estate, financial services and hospitality businesses, in addition to the flagship of coffee retail and exports.