Cosmo Oil to start talks with lenders over loan terms
- United Arab Emirates: Wednesday, October 03 - 2012 at 02:13
Japanese refiner partly-owned by the government of Abu Dhabi, Cosmo Oil Co may breach asset reserve covenants on some bank loans and will soon start talks with lenders to resolve the issue, Bloomberg has reported. The company is at risk of violating covenants on about 40% of $1.7bn in loans, said two people with direct knowledge of the talks. Cosmo will ask Mizuho Corporate Bank and other lenders to relax the covenants after it releases first-half earnings in November, one of the people said.
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