By:Ca.finance.yahoo

On 27 September 2024, the Company announced the securing of a US$30 million loan facility from CIG, which included a new US$20 million loan to be provided in tranches, alongside the consolidation of a previously announced US$10 million short-term loan with CIG into the facility. Approximately US$10 million of the new US$20 million loan was received in September 2024, with a second tranche expected by the end of October 2024 to help facilitate repayments to Coris. This second tranche is expected to be received in the coming days. As of the end of Q3-2024, Hummingbird held a net bank debt of approximately US$135 million with Coris (including approximately US$90 million of which is secured against the Company's assets). In addition, the Company has approximately US$20 million of unsecured debt to CIG, which initially matures on 31 December 2024, per the announcement on 27 September 2024.

The Company is in advanced discussions with Coris to partially restructure its outstanding debt and to reschedule payments due under its agreements with Coris. Following progress made in these discussions to date, Coris has agreed to defer payments totalling approximately US$30 million (including accrued interest) due on 31 October 2024, pending agreement on the wider restructuring being concluded on or before 6 November 2024.