Parties whose contracts have been affected could face consequent constraints in their operating income and cash flows.
The Association of Banks Singapore (ABS) says banks will work closely with their affected customers to explore funding and refinancing solutions to help ease their near-term financial strain.
The statement, dated Nov 3, came after the Ministry of Law introduced a framework to enable eligible businesses that have been severely impacted by Covid-19 to renegotiate or to terminate certain contracts.
