By a staff reporter
Corporate raider Mariner Corporation Ltd has renegotiated the terms of its loan over its Becton Property Group stake, winning a three month extension.
Becton Property Group was placed in receivership in February, after the group's lending syndicate refused to grant it a further extension on its debt, which had blown out to $25 million.
"Mariner is continuing to pursue opportunities to return value back to the investment," the group said.
Under the revised terms, the $600,000 loan will be charged over Mariner shares, instead of Becton, and extended for three months until September 30.
Mariner Corporation took out the loan with Optima Funding for its Becton stake last June.
Quick Summary:
Corporate raider wins extension, new terms on loan for property group, which is in receivership.
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