Kishore Biyani, Founder and CEO, Future Groupia

Photo: IENS

Three public companies Future Enterprises, Future Consumer and Future Lifestyle Fashions of the troubled Future Group have reported defaulting on loans from a consortium of lenders under a single resolution (OTR) scheme.

On July 1, Future Lifestyle Fashions Ltd (FLFL), in an exchange filing, said it had defaulted on its loan obligations worth Rs 335.08 crore representing the principal amount of the loan. The due date was June 30. The principal includes a term loan of Rs 3.27 crore from State Bank of India; Rs 72.25 crore working capital term loans from Bank of India, Bank of Baroda and IDBI Bank; Rs 208 crore in remitted purchase invoices from State Bank of India, IndusInd Bank, IDFC Bank, IndusInd Bank, IDFC First Bank and Jammu & Kashmir Bank, according to a company statement.

FLFL said that its total outstanding loans with various banks and financial institutions stood at Rs 1598.25 crore and the company’s total debt at Rs 2008.44 crore.

FLFL manages the Central and Brand Factory distribution chains; it manages exclusive brand outlets and multi-brand outlets for more than a dozen labels.

Future Enterprise Ltd (FEL) also reported a default of Rs 126.13 crore. The maturity date of the loan under OTR

“We refer to the above and the company’s obligation to pay an aggregate amount of Rs.126.13 crores (bonds) (as defined in the OTR plan) to various banks and lenders (who are agreement under the OTR plan) on June 30, 2022 (maturity date).The Company was unable to meet the above obligations to banks and lenders by the maturity date.

Future Consumer Ltd (FCL) also reported a default of Rs 17.2 crore which comprises Rs 15.30 crore principal and Rs 1.9 crore interest. FCL said its total debt stood at Rs 447.80 crore.

Amid an ongoing crisis, several Future Group companies were on an OTR (unique restructuring) plan with a consortium of banks.

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