Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
FSL Trust said after Monday's trading hours that it has applied to Singapore's High Court for a scheme of arrangement (SA) proposing a one-year extension to a syndicated loan facility that has some US$165.6 million outstanding.
FSL said that this scheme does not extend to its trade creditors but only to lenders of the US$479.56 million syndicated loan facility dated Dec 1, 2011. The shipping trust is seeking to term out the maturity date of the facility, which has US$165.6 million that are still outstanding, by one year.
It also explained that it has to proceed with the scheme application because the extension requires the consensus of all lenders behind the syndicated facility even though a majority of them have indicated their support for the extension sought.
"The trustee-manager has remained in compliance with its loan covenants since December 2014 and has been gradually reducing the amounts outstanding under the syndicated facility through a series of scheduled payments, prepayments from vessel disposals and voluntary prepayments," it added.
The manager of the shipping trust has also made an application to Singapore's High Court for moratoria with respect to the trust's assets.