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Lenders approve Future Retail recast, to seek Kamath committee nod

Lenders approve Future Retail recast, to seek Kamath committee nod
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Future Retail is the largest debtor in the group with about Rs 10,000 crore of outstanding dues. Together with two other listed companies namely Future Enterprises which holds its supply chain; and Future Lifestyle Fashions which houses apparel brands like Central and Brand Factory are the total of the group stands at about Rs 21,000 crore.
Restructuring proposals for the other two companies are also expected to be cleared by lenders next week.
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Future Retail, the main brand of the Kishore Biyani led group have approved a restructuring plan under a Reserve Bank of India (RBI) approved framework for Covid 19 related stress, the company said in a exchange filing. The plan will now be taken to the KV Kamath led expert committee constituted by the RBI for its nod. ....

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Future Retail lenders okay debt recast plan with repayment up to two years

Lenders to Future Retail have approved a debt recast plan wherein the company can extend the repayment of loans for up to a period of two years. This follows the approval of debt recast plan by the K V Kamath committee, set up by the RBI to recommend parameters for one-time restructuring of corporate loans.
The resolution plan approved by the lenders and the board of directors of Future Retail will be executed by April 26.
A group of 28 lenders, including Union Bank of India, Bank of India, State Bank of India, Bank of Baroda, Axis Bank and HDFC Bank, has decided to extend the repayment period of short term loans, term loans, NCDs, overdue working capital loans (converted into Working Capital Term Loans) of the company. Furthermore, as per the debt recast plan approved by the lenders, interest during the period March 1, 2020, and September 30, 2020, will be converted into Funded Interest Term Loan (FITL) which shall be payable by December 2021. ....

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