Wednesday, December 28, 2011

Lion Corp gets lenders' nod to defer payments totalling RM341m

KUALA LUMPUR (Dec 28): LION CORPORATION BHD [] has secured its lenders' approval to defer the repayment totaling RM341.10 million by one more year from Dec 31, 2011 to December 2012.

The company said on Wednesday that during the meeting with the lenders, the latter had passed the proposed deferment with the requisite majority.

The amounts deferred included the redemption of the outstanding nominal value of the Class B(a) bonds and Class B(b) bonds amounting to RM196.32 million.

Also deferred was the repayment of the outstanding nominal value of the Class B debts of US$350,000 (RM1.11 million).

The lenders also deferred the payment of the principal and coupon on the Class B(a) redeemable convertible secured loan stocks (RCSLS), Class B(b) RCSLS and Class B(c) RCSLS amounting to RM143.68 million.

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