Future Retail board approves resolution plan to restructure financial debt

The board of Future Retail has approved a plan to restructure financial debt, said the company in a stock filing.

The restructuring would be according to the Reserve Bank of India’s circular for companies under stress due to the Coronavirus pandemic. Future Retail’s board meeting on April 17 decided the resolution plan will be submitted to the KV Kamath committee set up by the central bank to recommend parameters for one-time restructuring of corporate loans.

The company’s lenders approved the restructuring plan, which will restructure debt raised through non-convertible debentures.

"The COVID-19 pandemic has deeply impacted the long-term business