Megasteel to sell assets to pay debt

LION Group, which owns steel, property and retailing businesses, said its Megasteel Sdn. unit plans to sell assets to pay debt and is getting support from lenders to reschedule 1.05 billion ringgit ($300 million) of loans.

“We have received positive indication from the lenders” and “so far, we have obtained approvals from some of them with the rest expected to revert in due course,” Lion said in an e- mail to Bloomberg News. “Megasteel intends to sell some of its non-core assets.”