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NEW WORLD DEV Reportedly Seeks $87.5B Loan Refinancing
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NEW WORLD DEV (00017.HK) is seeking bank refinancing for its $87.5 billion loan by the end of June, Bloomberg quoted sources as saying. Some banks have said that they need more time to obtain internal credit approvals, which are expected to be completed within a few weeks. The urgency of the matter is due to the expiration of a covenant waiver on NEW WORLD DEV's existing loans next month, the report quoted sources as saying. If the waiver expires before the refinancing agreement is reached, some banks may demand immediate repayment, although this is unlikely to happen. AASTOCKS Financial News Website: www.aastocks.com |
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