Healthway Medical reviewing terms of Lippo's loan offer, Gateway's new proposal

HEALTHWAY Medical Corporation has received non-binding terms for proposed interim financing from Lippo China Resources, the company said in a Singapore Exchange filing on Monday.

The private clinic chain operator, which is facing a cash crunch after writing off doubtful loans from its books, said it is reviewing the brief terms for a S$10 million loan from Lippo for 12 months to pay doctors and nurses only.

The company is unable to deliberate further until it has received the definitive documentation, it said.

Meanwhile, the group said it is cognisant of its contractual obligation in a convertible bonds deal with Gateway Partners. It has received an alternative proposal from Gateway and is now reviewing the proposal.