1MDB says some of its bonds are in default after missed payment | Reuters

HONG KONG State investors 1Malaysia Development Bhd (1MDB) said on Tuesday it has not made a $50.3 million interest payment on its bonds due 2022 following a stand-off with Abu Dhabi sovereign fund IPIC, but said it will meet all its other liabilities. 1MDB said the missed interest payment had caused a cross default on its 5 billion ringgit ($1.28 billion) sukuk due 2039 and the 2.4 billion ringgit sukuk due between 2021 and 2024. The two state investors are locked in a dispute over the interest payment on a $1.75 billion bond which was due earlier this month

Reuters April 26, 2016 09:45:13 IST
1MDB says some of its bonds are in default after missed payment
| Reuters

1MDB says some of its bonds are in default after missed payment
 Reuters

HONG KONG State investors 1Malaysia Development Bhd (1MDB) said on Tuesday it has not made a $50.3 million interest payment on its bonds due 2022 following a stand-off with Abu Dhabi sovereign fund IPIC, but said it will meet all its other liabilities.

1MDB said the missed interest payment had caused a cross default on its 5 billion ringgit ($1.28 billion) sukuk due 2039 and the 2.4 billion ringgit sukuk due between 2021 and 2024.

The two state investors are locked in a dispute over the interest payment on a $1.75 billion bond which was due earlier this month.

($1 = 3.9200 ringgit)

(Reporting by Umesh Desai; Editing by Lisa Jucca)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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