Pteris Global's banks specify conditions for continued support
Published on Apr 20, 2014 4:33 PM
The banks backing Pteris Global have specified conditions for their continued financial support, according to a statement from the company.
One of the conditions: that Pteris' board remains "substantially unchanged" until Pteris' reverse takeover (RTO) by Tianda Group is completed.
This means that if Pteris major shareholder and director Winston Tan succeeds at his attempt to remove over half of Pteris board members before the RTO, the banks may recall their loans.
The struggling airport logistics services company said on Saturday that it had received a formal waiver letter from the banks on Apr 17 which stipulates that they would waive Pteris' breach of bank convenants for last year.
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