FSL Trust Management Pte. Ltd. (FSLTM) refer to an earlier announcement in relation to relaxation of its loan covenants by a further sxi months.
On 30 June 2013 FSLTM returned to the lenders the final agreement for the Extension for signature by the lenders. FSLTM is pleased to announce that it has, on 30 July 2013, received confirmation from FSL Trust’s lenders of the Extension until 31 December 2013 on, inter alia, the following conditions:
(i) payment to the lenders of a fee equal to 0.05% of the loan outstanding on 27 June 2013; and
(ii) submission to the lenders of certain documents, including security documents in relation to the shares of the companies holding the vessels owned by FSL Trust.
With the grant of the Extension, the directors of FSLTM are of the opinion that during the period of the Extension FSL Trust should be able to meet the relaxed financial covenants.