1MDB IPO delayed again, fund said to be looking at restructuring RM6bil debts

PETALING JAYA: 1Malaysia Development Bhd (1MDB)’s proposed listing of its power assets is likely to be pushed to 2017, forcing the fund to restructure the debts that are tied to the power assets it bought two years ago, sources said.

Looming on the horizon is a syndicated term loan amounting to RM6.17bil that it had taken up to acquire the power generation assets from tycoon T Ananda Krishnan-linked Tanjong group. The other is a bridging loan of RM607mil to purchase Genting’s group power generation plant that is payable on a semi-annual basis over 42 months.