Pacific Andes informed bondholders Tuesday they will have to wait a little longer for payment, or at least until its Peruvian business has been "stabilized."

In an update to bondholders of the company’s SGD 200 million (€130.8 million/$140.9 million) 8.5 percent bonds due 2017 Pacific Andes said it would not “expend resources on developing a plan at this point but to wait for stabilization of the business in Peru, and, therefore, base the plan on a sound set of financials.”

Last week, the bankruptcy court in New York threw Pacific Andes’ Peruvian operations a lifeline and agreed to a plan that could lead to the subsidiary withdrawing from restructuring proceedings in Peru.

Pacific