Future Retail Receives Bids From 6 Applicants In Bankruptcy Resolution
Listen to This Article
Debt-ridden Future Retail Ltd said on Wednesday it had received bids from six applicants in its insolvency resolution process.
The company did not disclose the name of the bidders.
Future Retail, once India's second-largest retailer, was dragged into bankruptcy proceedings by banks after it defaulted on loans and its lenders rejected a $3.4 billion buyout by Reliance Retail amid a legal challenge by Amazon.com Inc.
Earlier in the day, ET reported that Reliance Retail - the retail arm of Mukesh Ambani's Reliance Industries - and Gautam Adani-led Adani Group had opted out of the final bid.
A total of 49 bidders were eyeing to acquire the debt-laden giant in April this year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more
Stablecoin The Future Of Currency?
The payments system is undergoing a quiet but consequential shift. What was once the exclusive preserve of central banks... Read more
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more