Future Group receives lender, board approval for debt restructuring plan
The Board of Directors of Future Group and its lenders has approved a resolution plan to restructure the existing secured financial debt RBI’s August 6 recast circular.
The lenders approved the plan on April 18. The recast plan remains to be submitted to Kamath Committee for approval.
As part of the resolution plan, the outstanding working capital, term loans, cash credit, non-convertible debentures, and commercial papers are part of the existing debt and are proposed to be restructured.
The company has received the written consent of 100 percent of holders of the NCDs to amend the terms and conditions of the NCDs in line with the resolution plan approved by the other lenders of existing debt. Further, it will extend the repayment of various loans by up to two years. The interest moratorium between March 1, 2020, to September 30, 2021, to be converted to Funded Interest Term Loan (FITL). The deadline for the company’s execution of the restructuring plan ends on April 24.
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.