Future Retail defers payment of interest on USD Notes

25 Jul 2022 , 09:19 AM

Future Retail announced that the interest on 5.60% Senior Secured Notes due 2025 (USD Notes) (payment due on 22 July 2022) has not been paid on account of ongoing corporate insolvency resolution process (CIRP) of the Company and, all outstanding amounts payable to any of the creditors of the Company as on the insolvency commencement date are required to be submitted as claims by the concerned creditors in accordance with the public announcement issued on 23 July 2022 read together with the applicable provisions of the Code. Further on account of the prevailing moratorium in terms of Section 14 of the Code and the NCLTs (National Company Law Tribunal, Mumbai bench) order dated 20 July 2022, the Company is protected against inter alia any action of recovery or enforcement of security interest against the Company.Powered by Capital Market – Live News