Drake & Scull International (DSI) has stated in the notes to the 2016 financial statements (released on 30 March) that it is breach of the financial covenants in relation to the syndicated sukuk facility as well as other borrowing facilities. DSI had already been in breach of covenants on a number of facilities in 2015, but had reached an agreement of a conditional waiver until December 2016, which it has not been able to comply with. In addition to the breach, the related bank borrowings are currently overdue on their principle and interest payments, according to the same disclosure.
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