Future to pay missed interest by Monday
Live MintKishore Biyani’s flagship company Future Retail Ltd, which runs the popular supermarket chain BigBazaar, is likely to pay interest on its dollar bonds by Monday, after missing the payment deadline nearly a month ago, two people aware of the development said requesting anonymity. On 22 July, Future Retail informed stock exchanges that it had missed paying $14 million interest due on bonds worth $500 million due in 2025, which it had raised in January. Future Retail blamed the covid-19 pandemic and the nationwide lockdown that followed for its inability to make timely interest payments. “We would like inform that due to the nationwide lock down imposed to restrict the spread of covid-19 pandemic, and consequent restricted business operations of the company the liquidity position has been affected causing us to miss the service of the payment of interest due on the USD Notes on 22nd July, 2020,” the company said in its exchange filing last month.
History of this topic
RIL among 16 interested in Future Retail’s IBC assets
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Bid deadline for India’s Future Retail extended due to low interest: Report
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Banks to take Future to debt recovery tribunal
Live MintBanks act against Future Retail for missing payments
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Banks act against Future Retail for missing payments
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In latest twist, India’s Future Group challenges lenders in court
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Wait gets longer for lenders to Future
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Kishore Biyani-led Future Retail pays up $14 million interest
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