IPIC says would make 1MDB payment after default

Dubai: Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC) said it would make a $50.3 million interest payment to holders of notes issued by 1MDB Energy (Langat) and guaranteed by 1MDB, if 1MDB defaulted.

A default by 1MDB will occur if the troubled Malaysian sovereign fund fails to make a payment on or before Monday, April 25, IPIC said in a filing to the London Stock Exchange on Monday.

IPIC also said a 1MDB default would not mean a cross-default by IPIC on its own debts.