In its second default in a month's time, tours and travel operator Cox & Kings has erred to make its payment obligations on commercial papers amounting to as much as Rs. 174 crore.

"The company is working closely with its lenders to optimise its strong asset base globally and bring the situation back to normal as soon as possible," Cox & Kings said in a regulatory filing.

Earlier during the same month, the company defaulted on payment on unsecured commercial papers worth Rs 45 crore. In its earlier filing, the company revealed that its working capital situation is critical given the fact of its inability to convert short term loans with long term loans or regular working capital lines.

The company is taking all required measures to resolve the temporary cash flow mismatch, it had said.

Shares of Cox & Kings were last trading down by 4.98% at Rs. 14 on the BSE.

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