Future Retail debt recast plan gets banks' approval
Banks have approved the debt restructuring plan of Future Retail with the repayment of loans extended for up to two years.
'Repayment of short-term loans, term loans, NCDs, overdue working capital loans (converted into working capital term loans) is to be extended up to a maximum of 2 years,' the company said. There will be interest moratorium between March 1, 2020 to September 30, 2021 and interest during the period will be converted into funded interest term loan which will payable by December 2021, it said.
The deal will be vetted by the KV Kamath committee. In October 2020, Care Ratings put Rs 6,278 crore bank facilities of Future Retail under credit watch with negative implications.