The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Indian supermarket-operator Future Retail Ltd approved a debt resolution plan that eases some immediate concerns as a legal battle with partner Amazon.com Inc threatens to delay an asset sale to Reliance Industries Ltd.
Future Retail’s board agreed to a proposition to restructure its secured bank debt and three rupee-denominated bonds, according to an exchange filing.
The plan, which was accepted by lenders, is subject to approval by a committee formed by the central bank and exchanges.
Failure to secure lenders’ approval for the restructuring plan would have caused “immediate liquidity pressure,†Fitch Ratings said in a note before the announcement.