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Posh JV faces cross default

Extent of financial impact arising from cross default 'cannot be fully ascertained' but it expects 'no change' to potential maximum impact of up to US$42m disclosed earlier


AN event of default on a loan granted to PACC Offshore Services Holdings' (Posh) joint venture has triggered a cross default under a second loan facility by another lender to the joint venture.

Posh had announced that the 50 per cent-owned joint venture Posh Terasea was...

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