According to RFM chief financial officer Meldin Al G. Roy, RFM currently estimates the outstanding bond obligation at $56 million, which includes the put premium.
RFM indicated that it was able to work earlier on a reducton of its obligation through bonds buy-back and refinancing arrangements.
Roy said that with the $38-million funds it has now, it will be able to settle around 68 percent of its current obligation. The balance of $18 million should be a very manageable amount that will be mainly sourced from operating cashflows.
Roy added that the repayment plan for the remaining $18-million obligation is currently being worked out with the bondholders and they expect to successfully conclude very soon a mutually beneficial arrangement and timetable.