Koutons Retail says bankers approve debt recast
Koutons Retail India said on Friday its corporate debt recast proposal has been approved late on Thursday by its bankers, led by Indian Overseas Bank.
September 30, 2011 / 16:21 IST
Koutons Retail India said on Friday its corporate debt recast proposal has been approved late on Thursday by its bankers, led by Indian Overseas Bank.
As part of the restructuring, part of the working capital will be converted into working capital term loan, to fund the firm's interest due for two years, Koutons said in a statement to the exchange.This will be done through a funded interest term loan and an option for bankers to convert part of their debt into equity, the statement added.The interest rate on all loans taken by the firm has been reduced, the statement added without giving further details. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
