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Tuesday, November 3, 2009

Vishal Retail signs CDR pact for Rs 730 cr debt

Vishal Retail today said it has signed an agreement with lenders for restructuring the terms of the chain's Rs 730 crore debt and the process would kickstart within the next few days. "The agreement with our lenders has been signed and the corporate debt restructuring (CDR) process will begin within the first half of November," Vishal Retail Group President Ambeek Khemka told reporters."I am optimistic that we will finish the process 100 days of its start," he added. Khemka, however, denied that lenders had imposed any pre-condition for the exit of the company's promoter Ramchandra Agarwal as part of debt restructuring. "There is no such condition. The CDR is an open-ended business and any decision will be made only after the process is completed," he said. Vishal Retail has been reeling under a financial crisis triggered by rapid expansion, which was compounded by the economic slowdown, leading to huge debts of Rs 730 crore. Its major lenders include SBI, HDFC and HSBC.

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