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Moneycontrol Bureau
Ailing Koutons Retail has got some respite as bankers have approved its debt restructuring package.
The Delhi-based retailer is burdened with a debt of Rs 600 crore and incurred a loss of Rs 35.8 crore in the April-June quarter. The approval of this restructuring package raises hopes that the company could indeed be prevented from going bankrupt.
"The company confirms the approval of CDR package of the company by the bankers led by Indian Overseas Bank, the monitoring institution," it said in a notice to stock exchanges.
Koutons Retail stock, which has seen 60% of its value wiped out this year, not surprisingly, surged 12.4% to Rs 24.40 on NSE on Friday.
The company
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