Billionaire Ananda Krishnan's Bumi Armada stays afloat
A dealer said that the surge in the company’s shares was expected, as the delayed debt refinancing plan was finally achieved yesterday.
PETALING JAYA: Billionaire T. Ananda Krishnan’s Bumi Armada Bhd 
may have averted bankruptcy for the moment via its multi-billion-ringgit debt refinancing, but the loss-making company continues to be highly geared and will incur an additional RM40mil in interest expenses.
Speaking to StarBiz, an equity analyst welcomed the move by the offshore energy facilities and service provider to refinance its unsecured term loans of US$380mil (RM1.57bil) and revolving credit facilities of US$280mil (RM1.16bil), which have been delayed for some time.
However, the debt refinancing is only seen as a stop-gap measure, he said.
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