Hatten Land gains time extension to repay US$20m loan

CATALIST-LISTED Hatten Land has gained a time extension till Apr 10, 2020 to repay a US$20 million loan that matured on Thursday, with a partial US$2.5 million payment due by Jan 10, 2020. 

In a bourse filing on Thursday night, Hatten Land said that the creditor, Haitong International Financial Products (Singapore), agreed to the extension after negotiations. The terms will be finalised with a definitive agreement within a month. 

Haitong and Hatten Land had entered the US$20 million convertible loan agreement back in 2017. Haitong has since indicated that it does not wish to convert the loan into equity. The extended loan will not have any equity conversion option. 

Shares of Hatten Land ended at S$0.101 on Friday, a day after the announcement, down 0.1 cent.