India’s Future Retail misses coupon payment on 5.6% notes due 2025

By Marisa Wong

Los Angeles, July 25 – Future Retail Ltd. has not paid the interest due July 22 on its 5.6% dollar-denominated senior secured notes due 2025, according to a notice on Sunday.

As previously disclosed, the application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Future Retail was already admitted, and the company is undergoing a corporate insolvency resolution process.

The interest on the 5.6% notes due 2025 was not paid on account of the ongoing insolvency resolution process, and all outstanding amounts payable to any of the creditors of the company as of the July 20 insolvency date are required to be submitted as claims by the concerned creditors.

Under the prevailing moratorium under Section 14 of the bankruptcy code, Future Retail is protected against any action of recovery or enforcement of security interest against the company.

Future Retail is a fashion, household and consumer products retailer based in Mumbai.

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