Vishal Retail which has piled up debts amounting to Rs 7.3 billion and is also facing a severe credit crunch, leading to closure of several un-viable stores across India has been able to secure a corporate debt restructuring (CDR) plan from its lenders.
According to the Group President, Mr Khemka, the agreement with its lenders has been signed and the corporate debt restructuring (CDR) process will begin within the first half of November.
Vishal Retail which had embarked on an expansion spree in the last few years has around 170 stores across India, but had to close down several of them, due to the financial crisis and also put its expansion plans on hold.
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