Petropavlovsk and IRC Granted Payment Waiver by Lender
June 20 2018 - 3:10AM
Dow Jones News
By Oliver Griffin
Petropavlovsk PLC (POG.LN) said on Wednesday that Industrial
& Commercial Bank of China Ltd. (1398.HK) has granted it and
its investee company IRC Ltd. (1029.HK) waivers from an obligation
to comply with certain financial covenants.
The Russian gold mining company said that ICBC agreed to waive
payments owed by Kimkano-Sutarsky Mining and Beneficiation Plant
LLC, a wholly owned subsidiary of IRC, relating to its $340 million
financing agreement with the Chinese bank.
Petropavlovsk said the waivers will be effective on fulfillment
of certain unspecified conditions precedent, and will continue
until Dec. 31, 2018.
The company said it is now working with IRC and all the involved
parties to ensure that the conditions precedent are fulfilled.
Further announcements will be made in due course, Petropavlovsk
said.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
June 20, 2018 02:55 ET (06:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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