Floatel on Tuesday said its payment agreement with the bank lenders - where certain expenses in respect of Floatel Endurance and the bank collateral companies are covered by proceeds in blocked accounts - has lapsed in accordance with the terms of the agreement.
It is in constructive discussions with the lenders on an extension, it said. The group's vessels and business continue to operate as normal, it added. In July, Keppel posted a second-quarter net loss of S$697 million, anchored by massive impairments of S$919 million, which included the conglomerate's S$227 million share of Floatel's impairment of vessels and a S$10 million fair value loss on the investment in Floatel.
Keppel's financial results led to it breaching the material adverse change clause in Temasek Holdings' S$4 billion partial offer, which the investment firm later withdrew. Meanwhile, in June, Keppel said Floatel would conduct an independent review of its business plan, which may include a review and update of the assumptions used in the impairment assessment of its vessels.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »