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Lenders to Future Enterprises, Future Supply Chain Solutions approve debt restructuring

Lenders to Future Enterprises, Future Supply Chain Solutions approve debt restructuring
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Last Updated: Apr 20, 2021, 10:48 PM IST
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Synopsis
The boards of both the companies Future Enterprises and Future Supply Chain Solutions have approved the lenders plan to restructure the existing secured financial debt, the firms said in separate regulatory filings.
Agencies
Future Enterprises said its restructuring plan would be subject to approval from the Expert Committee formed by RBI under the chairmanship of K V Kamath.
Lenders to two more Future group firms
Future Supply Chain Solutions have approved a resolution plan to restructure the existing secured financial debt of the companies, as per regulatory filings. Last week, a consortium of 28 banks had approved a resolution plan for debt restructuring of the Kishore Biyani-led group s flagship firm Future Retail Ltd, under the resolution framework for COVID-19-related stress anno ....

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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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