MUMBAI, April 16 -- Lenders to Future Retail Ltd are hopeful of approving a debt recast plan by the end of this month, with the final draft being circulated among lenders for approval, two bankers aware of the development said.
The plan will entail a two-year moratorium on repayments without any changes in the prevailing interest rate, the bankers said on condition of anonymity.
This is similar to what lenders have also agreed on for Future Lifestyle Fashions Ltd, a group company that runs the Central and Brand Factory outlets.
"There were some disagreements over working capital limits under the restructuring deal, but those have been sorted now. We have circulated a final copy of the one-time recast proposal and hope to close it soon," ...