Banks which include the likes of SBI, HDFC, HSBC, UCO Bank and also LIC have agreed to the proposal of the Delhi based retailer, Vishal Retail for Corporate Debt Restructuring (CDR) of its loans which total up to Rs 7.3 billion.
The CDR cell, which is mainly constituted of bankers will examine the proposal and decide whether the default is due to reasons beyond the control of the company or a wilful default.
The promoters, who have around 62.3 per cent stake in the company, may even have to pledge their holdings to the banks and probably also will have to bring in additional equity.
Fibre2fashion News Desk - India
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