Ausgroup to explain non-compliance with covenants to noteholders

New York, June 23 – Ausgroup Ltd. announced a meeting of holders of its S$110 million of 7.45% notes due 2016 at which the company will explain its non-compliance with a covenant in the note indenture.

Specifically, Ausgroup has failed to maintain consolidated total equity of at least A$160 million at all times, according to a notice.

The company said it will address concerns raised by the noteholders, present an independent review of its business that has been conducted by KPMG Services Pet. Ltd., give options for the notes and solicit feedback from noteholders.

The meeting will be held on July 18 at 3 a.m. ET in Singapore.

AusGroup is the parent company of AusGroup Singapore Pte. Ltd. AusGroup provides manufacturing and construction services to oil and gas and mining sectors in Southeast Asia and Australia. The parent company is based in West Perth, Australia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.