THE owners of Wiggins Island Coal Export Terminal have accepted the financial lifeline offered to help resolve its mounting debt.
The five miner owners of the Queensland terminal, who owe $3.5 billion to about 20 lenders, have agreed in principal to a proposal put forward by lenders.
The proposal includes deferring the payment to junior lenders ($375 million) but the arrangement for senior lenders would remain the same.
The Australian Financial Review reported both sides committed to work through documentation and have it formalised with credit committees in the coming weeks.
The successful negotiations follows several attempts to change the debt repayments conditions before the September refinancing date.
Ow…
Read the full article at: https://www.gladstoneobserver.com.au/news/wicet-owners-accept-deal-in-bid-to-resolve-35bn-de/3365552/