Singapore: FSL Trust Management has announced that it has successfully secured a loan covenant relaxation until 31 December 2014.
The company has been in discussions with its lenders since September 2013 to negotiate a set of covenant relaxation terms that would ensure the near term future of the trust and provide a platform to move forward.
“With this convenant relaxation agreement in place, management can focus on improving the performance of the trust,” FSL Trust said.
“We are very pleased to have reached an agreement with our lenders regarding a relaxation of our loan covenants until 31 December 2014. This marks significant progress for the trust,” said Alan Hatton, ceo of FSL Trust Management.
FSL Trust seeks advice on relaxation of loan covenants