JAKARTA – The creditor Modernland Overseas Pte Ltd (MO) agrees upon the extension of the moratorium for the coupon payment of Notes worth USD 240 million maturing on October 13, 2020. Steffi Grace Darmawan, Corporate Secretary of PT Modernland Realty Tbk (MDLN), announces this news in the information disclosure, quoted Tuesday (13/7).
It is mentioned that the agreement is reached through voting for the scheme arrangement held yesterday (12/7). In the said meeting, 97.78% of the voters, representing 99.52% of the total Notes, approved the extension of the coupon payment.
According to Darmawan, the chosen scheme arrangement would occur after receiving a green light from the Singaporean Court. MO and its subsidiary, MLand Singapore Pte Ltd, filed the request for the moratorium extension on May 25, 2021.
Notes of USD 240 million is listed on Singapore Stock Exchange, maturing in 2024. The closest coupon payment surpassed the due date on October 13, 2020. “The COVID-19 pandemic forces the company and its subsidiary’s business to fail to pay off the maturing coupon,” Darmawan explains. (LK/ZH)