Bond holder claims Pacific Andes in breach of debt terms

Pacific Andes Resources Development on Sunday said it has received a letter from HSBC, as trustee of the S$200 million 8.5-per cent bonds due 2017, alleging that the company is in breach of certain of its obligations under the terms and conditions of the bonds.

"The board is currently seeking legal advice in relation to the letter and, in addition, is in an active dialogue with a substantial holder of the bonds with a view to establishing a transparent process for discussions and communications with all holders of the bonds," it said.

Its stock has been under voluntary suspension since November 28, 2015, and will remain suspended until further notice.