Lenders in talks with Future Group to find alternatives

Lenders to the cash-strapped Future Group are in talks with the retail giant as well as Reliance Retail to figure out alternative means of debt resolution for Future Retail in the wake of the Supreme Court’s August 6 verdict, according to two bankers.

The moratorium extended to Future Retail under the Covid-19 resolution framework 1.0 will come to an end on September 30. The interest during the period shall be converted into a funded interest term loan payable by December. Lenders had been hopeful of a takeover of the company by Reliance Retail before that date.