Debt

Debt financing

Lenders look to sell Future Retail's small stores to recover over Rs.3,000-Cr dues

Economic Times  

Lenders to Future Retail are likely to seek buyers for its small-format stores to recover dues amounting to INR 3,494.5 crore after the Kishore Biyani promoted hypermarket failed to honour payments scheduled on December 31. Banks led by the State Bank of India may soon invite expressions of interest for the small format chains Easyday in northern India and Heritage Fresh in southern India. The lenders may take this step since the account would be classified as a non-performing loan if the payment does not come through during the grace period that ends on January 30 as per the one-time restructuring scheme signed between them and Future Retail in April 2021.