BRIEF-Niko Resources provides corporate update

Tue May 24, 2016 7:40am EDT
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May 24 (Reuters) - Niko Resources Ltd

* Niko provides corporate update

* Expects on or about May 31 to commence solicitation of consents to amend trust indenture governing 7% senior notes due Dec, 2017

* Continues to be in default of certain obligations under diamond settlement agreement

* On June 30, 2015, company did not make a scheduled payment of $5 million under terms of diamond settlement agreement

* On September 30, 2015, December 31, 2015, and March 31, company did not make additional scheduled payments totaling $15 million

* Texas court has issued a summary judgment in amount of $20 million plus interest and legal costs

* Currently considering implications of this judgement and evaluating all its options, including an appeal Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)