Business

Debt-Ridden Future Retail’s Lenders Submit Outstanding Loan Claims Of $2.64 Billion

Debt-Ridden Future Retail's Lenders Submit Loan Claims Of $2.64 Billion

Lenders to India’s debt-ridden Future Retail submit outstanding loan claims of $2.64 billion

Lenders to India’s Future Retail Ltd have submitted loan claims of about 210.58 billion rupees ($2.64 billion) under the ongoing insolvency process, according to a document released on the company’s website on Monday.

A Mumbai court earlier this year ordered bankruptcy proceedings against Future Retail after it defaulted on loans with over 30 entities and its secured lenders rejected a $3.4 billion sale of its retail assets to market leader Reliance Industries.

The latest claims were filed by 33 banks including Bank of New York Mellon, State Bank of India, HDFC Bank and Barclays Bank PLC.

The loan claims by lenders could change depending on lenders’ calculations as the bankruptcy case proceeds.


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