Royal Industries faces deadlock on waiver request

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By Shruti Chaturvedi
11 Nov 2016

Banks are yet to reach a unanimous decision on relaxations sought by Royal Industries Indonesia, which defaulted on the first principal repayment of a dual tranche loan signed in 2015. All lenders have to grant approval for the changes to be implemented.

Because of internal reporting procedures, certain banks would have to classify the loan as non-performing after more than three months have elapsed from the time the company missed its first repayment, which was in mid-August.

Royal Industries failed to repay the money because of a liquidity crunch caused, ...

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