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SINGAPORE: The Monetary Authority of Singapore (MAS) says two international financial institutions licensed to operate in Singapore have submitted proposals to restructure the Lehman minibonds notes so that they can run till maturity.
This is expected to go some way in helping investors recover some of their capital.
Over 8,000 investors have sunk more than S$500 million into the minibonds programme. It is unknown at this point how much money they could recover.
MAS says the two proposals are still confidential at this stage and the financial institutions are still finalising details and seeking the necessary agreements.
It adds that any commercially viable proposal should also provide an exit option for investors who do not wish to hold on to the notes.
MAS says an independent financial adviser will be appointed within a week to assess the merits of the proposals. It will also help investors in understanding the options available to them.
Investors will be kept informed of the review process and notified once the proposals are finalised.
- CNA/ir
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