Billionaire Ananda Krishnan's Bumi Armada near RM2bil loan deal

Amid a management reshuffle, 1MDB missed a payment on RM2bil bridge loan that was due end-December to local lenders. That hit its bonds and fuelled broader investor concerns about Malaysia

KUALA LUMPUR: Malaysian billionaire T. Ananda Krishnan’s Bumi Armada Bhd is nearing an agreement for a loan of around RM2.034bil, sources said, in a deal that will give the embattled energy firm more time to restructure.

Banks are finalising details of a five-year credit facility, according to the people, who asked not to be identified because the information is private. The funds will be used to refinance existing debt that matures in May and for working capital, one of the people said.