Taiwanese shipping company asks bank to extend loan repayment period
Taiwanese shipping company Today Makes Tomorrow (TMT) has requested its creditor bank to extend loan repayment periods for several loan deals with worth a combined US$800m. In exchange, the bank has asked TMT to provide more assets as collateral and the loan rate will be increased, SinoShipNews reports.
TMT’s unpaid loans include six 7-year-loans, ranging from US$84m to US$90m. TMT has invested the loan mainly on newbuildings including VLOCs, VLCCs and several roro ships in recent years.
Financially troubled TMT, run by Nobu Su, has seen a number of court cases brought against it across the world in recent months.