NEW DELHI: The preferential treatment of bondholders riled banks enough to reject a $3.2 billion rescue deal from one of Asia’s richest men for a debt-laden unprofitable retail chain, according to people familiar with the matter.
Future Retail’s offshore bondholders -- a relatively smaller part of the creditor pool -- were promised 100% payment, while local lenders were asked to take a haircut, the people said, asking not to be identified discussing confidential information.
