Keppel associate Floatel in talks to extend lapsed debt-payment agreement

SINGAPORE - The forbearance agreement between Floatel International and an ad-hoc committee of holders of its U$400 million senior secured, first-lien 9 per cent bonds has been extended again, this time to Sept 15, from Aug 31.Floatel, an associate company of Keppel Corp, announced the standstill extension on Tuesday in an update about its discussions with secured financial creditors.

Aside from the first-lien bonds, Floatel also has U$75 million in second-lien 12.75 per cent bonds and is the borrower under a U$150 million term loan and U$100 million in undrawn revolving credit facilities with a syndicate of bank lenders. 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.

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Keppel associate Floatel in talks to extend lapsed debt-payment agreementTHE forbearance agreement between Floatel International and an ad-hoc committee (AHC) of holders of its US$400 million senior secured, first-lien 9 per cent bonds has been extended again, this time to Sept 15, from Aug 31. Read more at The Business Times.
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