1MDB Admits In Default, Welcomes Dialogue With All Bond And Sukuk Holders

1MDB has confirmed the default in IPIC guaranteed bonds but assured that there are no cross defaults on the bonds guaranteed by the Malaysian government. 1MDB explained the limited default from the non-payment of USD50.3 million interest on the Langat Notes is due to non-payment by International Petroleum Investment Company and reassured investors of the company's intention to meet its financial obligations.