Brief: New Times Energy says group may record impairment losses for the year

New Times

14/10/2015 13:17

Oct 14 (Reuters) - New Times Energy Corp Ltd  0166.HK : 
 
 * ET-LA, LLC received from BCM Energy Partners a convertible note 
 * Note in the principal amount of US$5.2 million at the time of disposal 
 * Not received any principal nor accrued interest of the convertible note 
 * Says "said event has constituted a default in repayment by the purchaser " 
 * Says expected to record impairment loss being the difference between the  carrying value of the convertible note and the fair value of the secured  assets 
 * May record impairment losses of no more than hk$68.65 million for the year  ending 31 December 2015 
 
* Source text for Eikon  ID:nHKS61Nt1t  
 
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