Future Retail has sought to halt and terminate Amazon.com’s case at a Singapore arbitration tribunal, a move that could enable the cash-strapped Indian retailer to sell some assets to Reliance Industries.
If successful, the latest attempt by Future Retail can end the arbitration case that had blocked the sale of some of its physical assets such as stores and warehouses to Reliance Industries. Future Retail is coming under more pressure from investors, with its dollar bonds on Monday dropping the most since November 16 after it missed payments to lenders and its credit rating was downgraded.
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