Three Future Group cos reports payment defaults

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On Friday, three debt-ridden Future Group listed entities – , Future Consumer and – said they defaulted on their payment obligation to their consortium of lenders under a single resolution (OTR) plan. (FLFL), in a regulatory filing, reported a default of Rs 335.08 crore on the principal amount.

The deadline was June 30, 2022.

The principal amount comprises – Rs 3.27 crore term loan, Rs 72.25 crore for working capital term loan, Rs 51.46 crore for funded interest term loan and Rs 208.10 crore for updating purchase invoices.

However, “interest due and payable on the above facilities has been paid through June 30, 2022,” said FLFL, the Future Group’s flagship fashion business.

FLFL has Central and Brand Factory in-house retail chains, exclusive outlets (EBOs) and multi-brand outlets (MBOs) of nearly a dozen apparel brands in its portfolio.

Future Enterprises Limited (FEL) has notified exchanges of a default of Rs 126.13 crore on “NCD Principal Amount Repayment under OTR”. The deadline was June 30, 2022.

This includes a principal amount of Rs 98.35 crore and Rs 27.78 crore for repayment of the term loan.

FEL had to “pay a total amount of Rs 126.13 crore (bonds) (as defined in the OTR plan) to various banks and lenders (who are parties to the agreement under the OTR plan) on June 30, 2022 ( due date) “. fel said.

Several Future Group companies had entered into OTR plans with their consortium of banks under the terms of a circular issued by the RBI on August 6, 2020.

In the same way,

(FCL) reported a default of Rs 17.2 crore, which comprises principal of Rs 15.3 crore and interest of Rs 1.9 crore.

The total amount of the company’s outstanding borrowings from banks and financial institutions is Rs 447.8 crore, said FCL, which is engaged in the manufacture, marketing and distribution of FMCG foods and produce. processed foods.

FEL had recently divested part of its investment in its general insurance joint venture for a total consideration of Rs 1,266.07 crore.

“The … proceeds were directly deposited into the company’s trust and retention account maintained with Central

May 05, 2022,” FEL said.

The proceeds were allocated by the lending banks according to a specified ratio agreed between them.

“However, since said payout ratio is not disclosed to the Company, it is not possible for the Company to give the factual information of collection of the amount of principal and affected interest and to present the outstanding balances” , FEL added.

The three companies were among 19 group companies operating in the retail, wholesale, logistics and warehousing segments, which were to be transferred to Reliance Retail under a Rs 24,713 crore announced in August 2020.

The deal was canceled by the billionaire led by Mukesh Ambani

in April.

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