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Sri Lanka’s Kotagala Plantations fails to repay capital of listed debt

ECONOMYNEXT – Sri Lanka’s Kotagala Plantations said it was unable to repay 250 million rupees of capital on a listed debenture but will pay interest.

It will make interest payments due on May 26 on ‘Type C’ debentures and ‘Type D’ debentures due on June 30, the company said in a stock exchange filing.

There was 14.8 million rupees of interest due on May 26 and 18.6 million due on June 30.

However the firm said it was unable to repay 250 million rupees of capital due on May 26.

The firm said it had asked the Trustee to the debenture issue to call a meeting from debenture holders.
Kotagala Plantations was originally expected to build a sinking fund for some of the bonds. (Colombo/May29/2020)