Koutons Retail appoints SBI Cap to draft debt recast plan

Apparel retailer Koutons Retail India Ltd on Wednesday said it has appointed SBI Capital Markets to draft a debt recast scheme as it was unable to repay short-term debt.   

"The continuous downfall in the stock price has led to an inordinate delay in raising equity for the company. Because of this, we are being unable to meet the repayment obligations of short term loans," the company said in a statement.                

The New Delhi-based retailer, valued at Rs866 million, has lost about 91% in market capitalisation in the past six months as concerns mounted about the company's dipping sales and fears of default.