by Amruth Sundarkumar | Apr 27, 2022 | Credit Ratings, Distressed / Defaulted Bonds, India
Future Retail was downgraded to CC from CCC- by S&P with default being a “virtual certainty” following the termination of its proposed asset sale to Reliance Retail Ventures Ltd. (RRVL). Future Retail’s next coupon payment is due on July 22,...
by Amruth Sundarkumar | Apr 25, 2022 | Distressed / Defaulted Bonds, India
Reliance Retail may participate in the bidding process for Future Group’s assets under the insolvency resolution process of the Insolvency and Bankruptcy Code (IBC). As per executives, Reliance may revise the bid amount lower from the previous $3.4bn to adjust for its...
by Amruth Sundarkumar | Apr 22, 2022 | Distressed / Defaulted Bonds, India
Future Retail’s dollar bonds collapsed by over 50% after Future Group lenders rejected a proposal regarding the sale of its wholesale, retail, and logistics assets to Reliance Retail Ventures Ltd. (RRVL). As per Mint, the rejection happened after the deal value...
by Amruth Sundarkumar | Feb 21, 2022 | High Yield Bonds, India
Troubled Indian retailer Future Retail’s lenders allowed the company to make interest payments of $14mn on its 5.6% dollar bond due 2025. In an exchange filing with the BSE on February 18, it noted that the coupon has been paid. Future Retail approached banks to...
by Amruth Sundarkumar | Feb 4, 2022 | Corporates, India
Future Retail’s lenders told India’s Supreme Court to put the retailer’s assets up for auction after it missed payments due on its restructured onshore bank borrowings. They also began classifying loans as non-performing and, due to the non-payment, they are...
