Business Irish

Friday 30 September 2016

Kenmare gets waiver extension on $2.3m debt

Published 06/03/2016 | 02:30

Michael Carvill, Kenmare managing director
Michael Carvill, Kenmare managing director

Dublin-listed Kenmare Resources has been granted an extension to a waiver on debt repayments as negotiations over a potentially transformative investment continue, the Sunday Independent understands.

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The minerals explorer last month told the market that a deleveraging plan delivered to lenders had not been agreed upon by a deadline of January 31, resulting in "an event of default". It said lenders had agreed to defer payment of a sum of $2.3m (€2.1m) until February 29.

The plan includes an investment of $100m in the company by the State General Reserve fund of Oman, as well as "further investment by shareholders and other investors".

The deal would give the company a new direction after a potential takeover by the Australian miner Iluka did not go ahead as Iluka walked away from making an offer.

Kenmare declined to comment.

Sunday Indo Business

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