Robert Kuok’s Singapore-listed PACC Offshore Services Holdings (POSH) says that its 50% owned subsidiary POSH Terasea is facing another default claim following the company defaulting on a $27.6m loan this month.
POSH Terasea is a joint venture with Ezion Holdings as well as Seabridge Marine Holdings.
POSH said the default announced last week has triggered a cross-default under a second loan facility by another financial institution. The second loan facility comprises ship financing loans and a short term facility, and is the only other financial institution to have extended facilities to POSH Terasea.
The outstanding amount of the facility is approximately $7.1m, and the loan is solely secured by mortgages over two anchor handling tugs owned by Posh Terasea. The lender will exercise its rights to appoint a receiver for the two anchor handling tugs if the default cannot be solved within five days.
