Sunvic unit staves off legal action as guarantor to loan

Singapore

SUNVIC Chemical's wholly-owned subsidiary Yixing Yinyan has staved off legal action as guarantor to a 180 million yuan loan (S$35.4 million). It entered into a new supplemental agreement on June 13 with borrower Jiangsu Donglai Real Estate Development and lender Yixing Futao Credit, the chemical products manufacturer said on Thursday.

The new supplemental agreement states that Jiangsu Donglai is the primary debtor and shall liquidate its assets or take steps to repay the loan and interest payable to Yixing Futao Credit by June 30, 2020, which is the extended repayment date.