Industry

‘No debt recast if Future-RIL deal is done’

Lenders to Kishore Biyani’s Future Group will withdraw the debt recast plan that offered easier repayment options if the troubled retailer’s ₹24,713-crore asset sale to Reliance Industries Ltd. (RIL) goes through in a reasonable time frame, sources said.

Lenders to Future Retail had last week agreed to extend repayment of loans by up to two years, while converting unpaid interest into a funded interest term loan. The penal charges too will be waived under the plan. The recast plan has been approved by a RBI-constituted expert committee headed by K V Kamath. Banking sources said the debt recast is actually ‘Plan B’ to help the retailer stay afloat.

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Printable version | May 8, 2021 12:26:31 AM | https://www.thehindu.com/business/Industry/no-debt-recast-if-future-ril-deal-is-done/article34387968.ece

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