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AusGroup flags potential default event for medium term notes

Ministerial consent outstanding for mortgage of Australian property

Published Fri, Dec 23, 2016 · 09:50 PM

Singapore

MAINBOARD-LISTED AusGroup, before trading commenced on Friday, flagged a potential event of default tied to the restructuring of S$110 million of medium term notes (MTN).

AusGroup advised that ministerial consent remained outstanding for the purpose of the mortgage of a property in Australia that is included in a general security deed and mortgage tied to the MTN restructuring exercise.

The property was reported to be AusGroup's Port Melville in Northern Territory, which was pledged as security to noteholders…