PT Modernland Realty Tbk (MDLN) announced that its business entity Modernland Overseas Pte Ltd was unable to pay the coupon notes that matured on October 13, 2020.

Modernland Overseas issued bonds worth US$240 million. These notes will mature in 2024, have an annual interest period, and are listed on the Singapore Stock Exchange.

The company acts as a parent guarantor for the notes. The main source of repayment of debt securities comes from the business activities of the company and its business entities.

"Because the COVID-19 pandemic in Indonesia and throughout the world has affected the company and its subsidiaries, Modernland Overseas is unable to pay coupons that are due on October 13, 2020," the IDX information disclosure said on Wednesday (14/7).

In this regard, on May 25, 2021, the company submitted a request for an extension of the moratorium at the Singapore Court against Modernland Overseas and its subsidiary MLand Singapo