Keppel-associate Floatel's forebearance agreement extended

The company is also in talks with banks to extends its payments agreement.

Keppel Corporation’s associate Floatel International has announced that its forbearance agreement has again been extended to 15 September, and that it is in discussions with lenders to extend its payment agreement, a bourse filing has revealed.

On 14 April, Floatel entered into the forebearance agreement with ad hoc committee of holders (AHC) of its 1L Bonds, or its US$400m senior secured bonds that were listed at the Oslo stock exchange.

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In the same filing, Floatel said that it is in talks with lenders to extend its payments agreement—where certain expenses in respect to the company and the banks’ collateral companies are covered by proceeds of blocked accounts—which has lapsed in accordance with its terms.