‘Amazon feud hit monetisation plan’
Future Retail on Saturday said it had missed the due date for payment of ₹3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with Amazon, impacting its monetisation plans.
Future Retail had last year entered into a one-time restructuring (OTR) scheme, for COVID-19 hit companies, with a consortium of banks and lenders and was to discharge “an aggregate amount of ₹3,494.56 crore” on or before December 31. The Kishore Biyani-led Future group firm would be “co-operating for completing the monetisation of the specified business within next 30 days” as per directions of the banks to resolve the current situation, according to a filing.
“Due to ongoing litigations with Amazon.com NV Investment Holdings LLC, the company was not able to complete the planned monetisation of the specified business as contemplated in OTR plan to discharge the aforesaid obligations to banks/lenders, on due date,” as per the filing.
Source: Read Full Article