FSL Trust said that on 30 July it confirmed an extension of a relaxation of loan covenants until 31 December this year. The extension is conditional on FSL Trust paying a fee to lenders equal to 0.05% on a loan outstanding on 27 June and the submission of documents in relation to shares of companies holding vessels owned by the Trust.
The Singapore-listed Trust had been suspended from trading since the end of June, and trading resumed this morning. By 1300hrs local time the stock had plunged 15.9% to trade at SGD0.09 per unit.
FSL Trust’s top management, including ceo Philip Clausius, quit on emasse on 4 July, replacements are yet to be announced.
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