India’s Future Retail is said to miss payment on INR 35bn ($471mn) of past-due debt before the grace period expires, along with a $14mn dollar bond coupon, as per sources. The rupee denominated debt payment was missed on December 31, 2021 triggering a 30-day grace period. Future Retail cited its litigation with Amazon as the reason for not being able to complete its asset sale and use those proceeds to repay the debts. Its $500mn 5.6% dollar bond due 2025 also has a 30-day grace period with the coupon due on January 22, 2022. The bond is currently trading at 60.6 cents on the dollar.
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