Company Briefs: mm2 Asia

mm2 Asia

Entertainment company mm2 Asia is tying up with Singapore Press Holdings (SPH) to build a lifestyle, entertainment and news portal.

The joint venture will create digital editorial and video content under the AsiaOne brand, said mm2 yesterday.

SPH will hold 49 per cent with mm2 taking a 51 per cent share in the entity, which will have paid-up capital of $1 million.

mm2 announced a deal last year to buy Cathay's cineplexes subsidiary, which runs eight cinemas here, for $230 million, after its $184.25 million attempt for a 50 per cent stake in Singapore's Golden Village cinema business fell through.

Noble Group

The board of commodities merchant Noble Group said yesterday that under the terms of the restructuring support agreement, the company will not make the interest payment due today for its US$1.1 billion (S$1.4 billion) unsecured revolving credit facility.

This is because the restructuring of all the group's unsecured indebtedness under agreement requires it to address the amounts due under the revolving credit facility along with all of Noble's other unsecured indebtedness. It said the decision was based on advice from the group's legal and financial advisers, and that Noble had also consulted "extensively" with its group of creditors.

In an update on its financial restructuring, Noble said that ING Bank, as an existing trade finance provider and fronting bank, has received credit approval and acceded to the restructuring agreement.

Noble has also received acceptances from consenting creditors representing 55 per cent of existing senior claims.

It added that feedback from existing senior creditors has been "positive" and it expects creditors' participation in the restructuring to "meaningfully increase" between now and the deadline for existing senior creditors to become backstop lenders. The deadline for subscribing to participate in the new money debt has been extended to April 11.

Noble said: "ING's support as a fronting bank is instrumental for the availability of the new US$600 million three-year committed trade finance facility to support the operations of New Noble post restructuring.

"The group is also in active dialogue with third parties interested in extending additional trade finance and hedging facilities to Noble in the interim period prior to completion of the restructuring.

"These facilities are expected to facilitate the transition of operations to 'business as usual' and allow Noble to take advantage of the significant commercial opportunities that lie ahead."

A version of this article appeared in the print edition of The Straits Times on March 29, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe