Creditors grant QPL a reprieve

Debt-troubled QPL International Holdings has won its creditors' support in getting loan facilities extended, according to a source.

An announcement on a restructuring plan for the company was imminent, the source said yesterday.

The stock exchange suspended trade in QPL yesterday after the firm said an announcement was pending related to debt restructuring.

QPL said it would push creditors to sign a stand-still agreement with creditor banks by the end of this week to keep it free from any demands for payments from them until June 30.

The source said the company was likely soon to announce a joint venture with investors that would focus on the development of semiconductor products.

In January, QPL reported a loss of $1.96 billion in the half year to October 30.

The company said it made provisions in the period amounting to $1.9 billion.

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