Daewoo's domestic creditors will have to accept reduced interest-rate payments from the affiliates that are put under the plan, extend loan maturities and transform loans into equity, while providing ailing companies with enough capital to remain in business, the commission said.

It was able to provide guarantees for more of the loans that banks are reluctant to make - long-term loans to fledgling businesses, providing longer loan maturities and lower monthly payments.

However, several mayoral candidates for the October 2011 elections have argued the Banco de las Opportunidades's interest rates are too high, loan maturity is too short and it should have grace periods.

The loan maturity varies between three months and 18 months but it can be prepaid at any time without penalty.

It is widely expected in the New York real estate market that the banks will take equity positions in some of the Olympia properties in exchanging for writing down the company's debt, reducing interest rates and extending loan maturities.

On July 31, 1990, an agreement with creditors to extend loan maturities to 1997 was intended to avoid bankruptcy.

In the event that the premium finance loan is not re-paid at loan maturity, the lender will foreclose on the policy, assume ownership of the policy, collapse the policy and/or collect the death benefit when the insured dies.

Loan Payments Deferred In yesterday's agreement, a group of 65 commercial banks that still have $790 million outstanding from loans that were supposed to have been repaid last May, has agreed to extend the loan maturity to 1997.

Reynolds said that by lowering its borrowing costs and extending average loan maturities it would be able to improve its financial structure and provide increased flexibility.

I can only encourage the Member States to decide to extend the loan maturities of loans to Greece as well as to revisit the pricing policy for these loans.