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

Interest accrued between March 1, 2020, and September 30, 2020, will be converted into Funded Interest Term Loan, payable by December 2021

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