Among others the World Bank's investment unit International Finance Corp (IFC) is owed more than $30m in loans that are over one month in arrears. IFC issued a demand letter requesting it pay the principal amount of $30.57m as well as interest and other costs of $774,360 that were due last month, the company said in a stock market announcement.
Trada Maritime, which also has $15m in loans with Bank of Tokyo-Mitsubishi UFJ, held conference calls with creditors on Tuesday, discussing ways to pay off the debt. Another meeting is due on 17 June.
The loans from both banks were used to finance a revamp in 2011 of its floating storage and off-loading (FSO) vessel Lentera Bangsa, which is chartered to China National Offshore Oil Corporation-Southeast Sumatra the local unit of CNOOC, which is exploiting offshore oil and gas blocks in Southeast Sumatra.
However the vessel was damaged in a fire accident on 23 September 2011 and has yet to continue operation. Trada Maritime has had issues with the insurance payout since and of the insured value of the vessel of $23.9m it has only recovered $5.2m in insurance claims.
“Basically, the funding source for paying the debt to our creditors is the insurance claim. And for that, we need support from our creditors,” Trada Maritime corporate secretary Asnita Kasmywas quoted in local media as saying.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
