Dasin Retail Trust reveals demand letter from Luso Bank regarding loan facility
The trust is in discussions to extend the deadline of the loans.
Technical issues hindered Dasin Retail Trust to top up its reserve account with Luso Bank in relation to a loan agreement linked to a loan facility.
The loan facility is up to $17.2m (US$13.12m) with a term of seven months.
With this, Luso Bank issued a statutory demand letter declaring an event of default and demanding payment of all principal and interest under loan deals.
The trustee-manager is currently in discussions with lenders to extend the maturity date of loans and has appointed an independent advisor to conduct a business review of the Group.
The trust is also seeking legal advice and advising unitholders to exercise caution when dealing in the units of the Trust.