Lenders to debt-ridden Future Retail submit loan claims of $2.64 billion – Times of India
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NEW DELHI: Lenders to Future Retail Ltd have submitted loan claims of about $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.
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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