Future Retail’s creditors extend voting timeline on SpaceMantra’s bid to Sept 30

The committee of creditors (CoC) for Future Retail (FRL) has extended the voting period once again as they are undecided on whether to approve a low offer from SpaceMantra or opt for liquidation. The creditors have until September 30 to make a decision. SpaceMantra is the only bidder to acquire FRL, offering a recovery of about 2.79% for creditors. Lenders are uncomfortable with the offer and have raised concerns about valuations and the inaccessible nature of many FRL stores.