by Amruth Sundarkumar | Nov 11, 2022 | Distressed / Defaulted Bonds, India
Future Retail is said to have received an acquisition interest from Reliance Industries, Adani Group and 13 other companies including Shalimar Corporation, Nalwa Steel & Power, United Biotech, WHSmith Travel, Capri Global Holdings, as per Reuters. The companies...
by Amruth Sundarkumar | Aug 4, 2022 | Corporates, Distressed / Defaulted Bonds, India
Future Retail has been downgraded from RD to D by Fitch after bankruptcy proceedings against the company were set into motion. A court order on 20 July showed that the Indian retailer had submitted a petition under India’s Insolvency and Bankruptcy Code, 2016 after it...
by Amruth Sundarkumar | Jul 26, 2022 | Corporates, Credit Ratings, Distressed / Defaulted Bonds, India
India’s Future Retail was downgraded to D from SD by S&P as the company has missed another coupon payment on its notes due on 22 July. The rating agency added that the company is unlikely to make the payment during the 30-day grace period because insolvency...
by Amruth Sundarkumar | Jun 9, 2022 | Distressed / Defaulted Bonds, India
Future Enterprises Ltd (FEL) defaulted on an interest payment of INR 14.17mn ($180k) on a local non-convertible debenture (NCD) that was due on June 6. As per the exchange filing, interest was due for 182 days on the outstanding INR 290mn ($3.73mn) bond maturing in...
by Amruth Sundarkumar | May 12, 2022 | Distressed / Defaulted Bonds, India
Future Enterprises Ltd (FEL) has sold a 25% stake in its general insurance joint venture (JV), Future Generali India Insurance Co Ltd (FGIICL) to its JV partner, Generali Participations Netherlands N.V. for consideration of INR 12.66bn ($160mn). On receipt of key...
