Future Retail defaults on Rs.3,494.5 Cr payment to lenders

Future Retail Ltd has missed a INR 3494.56 crore payment due to their lenders on 31 December as per the terms of the one-time restructuring agreement. The company blamed the dispute with Amazon for the delay in monetising the assets - sale of small format stores - which in turn delayed payment to lenders. The company said it will cooperate with lenders to complete the monetisation of its specified business within the next 30 days as directed by banks to resolve the current situation.