IPIC paid the Deutsche syndicate USD 1 B loan AND MORE: 1 MDB has defaulted on 2 USD 1.75B loans

NOTE
No end to these tampered documents, this time from the LSE  and IPIC.
In short,IPIC not only paid the Deutsche syndicate USD 1billion loan,it has also had to assume repayment of interest on the two USD 1.75 billion   1 MDB loans it guaranteed.In other words, 1 MDB has defaulted on those loans. 1 MDB is on the face of it insolvent.

Regardless, the Malaysian Government  has until 4 June  2016 to repay IPIC approximately USD 4.5 billion. 
IPIC has had to make these disclosures to the LSE for its bonds are listed on the LSE.

1MDB Debt Settlement Arrangements  

On 28 May 2015, International Petroleum Investment Company (IPIC), Aabar Investments PJS (Aabar), Minister of Finance, Inc., Malaysia (MOF) and 1Malaysia Development Berhad (1MDB) entered into a binding term sheet that provides for the following principal matters:

·    on 4 June 2015, IPIC provided US$1 billion to 1MDB for 1MDB to utilise immediately to settle certain of its liabilities (the Cash Payment);

·    from 4 June 2015, IPIC has assumed the obligations to pay (on an interim basis) all interest due under two IPIC guaranteed 1MDB financings amounting to US$3.5 billion in aggregate principal amount(the Notes);

·    upon the completion of the transfer of assets as described below, IPIC will directly assume liability for all payment obligations under the Notes (the Assumption of Debt) and forgive certain financial obligations of the 1MDB Group to the IPIC Group (the Debt Forgiveness); and

·    by 30 June 2016, IPIC is to have received a transfer of assets with an aggregate value of an amount which represents the sum of the Cash Payment, the Assumption of Debt and the Debt Forgiveness.

1MDB and MOF have agreed to perform the obligations contemplated in the binding term sheet and to indemnify IPIC and Aabar for any non-performance, and vice versa.

IPIC has met the Cash Payment and will meet the interim interest payments under the Notes from existing liquidity available to IPIC.



This information is provided by RNS
 
END
 
 
MSCFMMATMBMBMBA 

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