Millennium Housing says in talks with Sampath Bank for debt settlement

Millennium Housing Developers PLC this week announced that it is currently in discussions with Sampath Bank to reach an agreement on a settlement plan concerning the recovery of a debt totalling Rs.434.58 million. 

The bank has taken measures for debt recovery against three properties owned by Millennium Housing Developers PLC’s subsidiaries, namely MC Urban Developers Ltd and Millennium Housing Ltd.
“The values of the lands are higher than the loans outstanding, total loan value due to the Sampath bank of Rs.434.58 million and total values of the lands of Rs.1,385 million, which is equivalent to 21 percent of total asset value of the company. The company is in the process of negotiating a settlement plan with the bank,” Millennium Housing Developers said in a filing to the Colombo Stock Exchange.