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
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.
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