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  • Global meets with lending banks to discuss its recent financial performance and outlook
    Posted: Thursday, September 15, 2011

    يرجى الضغط هنا لقراءة النسخة العربية من البيان الصحفي

    Global held a meeting today, Thursday 15 September 2011, with its lending banks to discuss Global's recent financial performance and outlook.

    In light of the ongoing challenges in the financial markets, various potential alternatives to enhance Global's balance sheet were reviewed.

    To facilitate a more in-depth examination of such alternatives in collaboration with Global, the lending banks appointed certain of their members to a working group.

    In addition, Global requested the lending bank's support for the near-term deferral of principal repayments due in December 2011, deferral of any increase in rate of interest from December 2011 onwards and waiver/deferral of certain covenants applicable to Global under its debt arrangements. These modifications are designed to facilitate discussions between Global and its lending banks about a more comprehensive restructuring of Global's debt obligations. It is worth noting that Global has continued to service all of its outstanding debt to date in accordance with its terms.