7th Jul 2015 16:05
LONDON (Alliance News) - Asia Resource Minerals PLC Tuesday said a moratorium has been imposed against all of the creditors of Berau Capital Resources Pte Ltd and its subsidiaries preventing them from commencing or continuing any action against the company until 2016, whilst it tries to restructure its loan notes.
Berau Capital is a subsidiary of Asia Resource Minerals and is the issuer of the USD450 million in 12.5% guaranteed senior secured notes that are due on Wednesday and guaranteed by Berau and other Asia Resource subsidiaries.
Asia Resource said the moratorium, issued by the Republic of Singapore, was an "important element" of the note restructuring process and will run to January 4, 2016. Asia Resource also plans to get the order recognised in the US, it said.
"The order is an important element of the note restructuring process. The moratorium granted pursuant to the order is intended to facilitate the progression and implementation of the in-principle terms of restructuring that were previously agreed with an ad hoc committee of note holders," said New World.
Asia Resource Minerals shares are currently suspended and is currently in the process of being taken over in a USD200 million deal by Asia Coal Ventures Ltd, which is wholly unconditional.
By Joshua Warner; [email protected]; @JoshAlliance
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