Jackspeed agrees to amend terms of loan to Prestige Cars

JACKSPEED Corporation has agreed to amend the terms of a S$10 million loan extended to Prestige Cars Pte Ltd.

The two parties have entered into a supplemental agreement dated June 15, 2017 for a convertible loan deal announced in July 2015.

The agreement called for the removal of Jackspeed's right of conversion of the outstanding loan and interest into fully paid shares of Prestige Cars.

It also called upon Prestige Cars to bring forward the repayment of outstanding amounts due from the loan to June 30, 2018, instead of the 55th month from July 27, 2015, the disbursement date for the loan.

Jackspeed has agreed in July 2015 to extend the loan to Prestige Cars for the purpose of importing BMW Alpina vehicles and distributing BMW products into China.

The loan was to go towards meeting working capital requirements of Prestige Car and its subsidiaries and came attached with certain agreed milestones.