28th Nov 2019 16:12
(Alliance News) - South America-focused power generator Rurelec PLC said Thursday it received a USD640,000 partial repayment of a loan owed it by Patagonia Energy Ltd.
Last Thursday, Rurelec and Basic Energy Ltd agreed a new loan note repayment plan for the USD24 million owed to both firms by Patagonia.
Under this deal, the first USD5 million in repayments from Patagonia will be shared 80% to Rurelec and 20% to Basic Energy. The remainder of the loan will be paid 72% to Rurelec and 28% to Basic Energy.
The USD640,000 partial repayments constitutes part of this new repayment plan.
Shares in Rurelec were 3.7% higher at 0.70 pence in London on Thursday.
By Ahren Lester; [email protected]
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