SUBSCRIBERS

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

Tay Peck Gek

Published Sun, Sep 22, 2019 · 09:50 PM

Ezion

Singapore

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 in default on a US$27.6 million loan as at Sept 17. Following its filing to the Singapore Exchange on Sept 19, a second lender to Posh Terasea has declared that an event of cross default has occurred, said Posh in a regulatory filing on Sept 21.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes