Retail | Vishal Retail says it has rolled over third of debt

Retail | Vishal Retail says it has rolled over third of debt
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First Published: Thu, Mar 05 2009. 10 12 PM IST
Updated: Thu, Mar 05 2009. 10 12 PM IST
New Delhi: Discount retailer Vishal Retail Ltd has negotiated with its lenders to roll over about a third of its near-term debt, an official said on Thursday. The company, which has seen revenues and profits plunge as the economic slowdown damps consumer spending, had said earlier it was in talks to roll over about 20% of its Rs7.65 billion total debt burden, which was maturing this fiscal. “We’ve been able to do one of the roll-overs, and one which is due we’re in discussion,” Manmohan Agarwal, chief executive for corporate affairs, said. “Almost Rs500 million.”
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First Published: Thu, Mar 05 2009. 10 12 PM IST