KNM defaults on loans totalling RM417mil

KNM defaulted on loans totalling about RM416.8mil borrowed through three of its indirect subsidiaries following the failed sale of Borsig.

PETALING JAYA: Debt-laden KNM Group Bhd announced yesterday it defaulted on its loans totalling about RM416.8mil borrowed through three of its indirect wholly owned subsidiaries following the failed sale of Borsig GmbH.

The subsidiaries in question are Peterborough Green Energy Ltd – which was granted a loan of �68.5mil (RM315.65mil) by Danos Ltd, as well as KNM Renewable Energy Sdn Bhd (KNMRE) and Splendid Investments Ltd (SIL), which received loans of US$13mil (RM57.17mil) and US$10mil (RM44mil) respectively from TransAsia Private Capital Ltd (TA).