International Petroleum Investment Company says debt deal with Malaysian fund has been terminated. A key Middle Eastern business partner of 1Malaysia Development Bhd. said the Malaysian state development fund has failed to make a $1.1 billion payment as part of a debt-restructuring agreement and that as a result a debt deal between the two entities has been terminated.
The announcement, made in a London Stock Exchange filing by the International Petroleum Investment Company, an Abu Dhabi sovereign-wealth fund, marks a deterioration in relations between the two funds and signals fresh complications for 1MDB as it tries to work its way out from under billions of dollars of debt...............................................Full Article: Source
|