Falcon Energy to seek clemency on notes maturity, covenants

MAINBOARD-LISTED Falcon Energy Group (FEG) said that it intended to seek consent from noteholders towards the extension of the maturity of S$50 million medium-term notes due in September 2017.

The offshore and marine group also added after trading closed on Wednesday, it has informed noteholders at a meeting held earlier the same day, it will seek waiver of all financial covenants by way of a consent solicitation exercise.

No specific extension period has been proposed and the terms of the consent solicitation exercise have not been finalised, it said.

The board of FEG will convene a second informal meeting in due course.