Frasers Centrepoint Asset Management (Commercial) Ltd, as manager of Frasers Commercial Trust, said on Friday it is negotiating the terms and conditions with financial institutions to refinance $550 million of loan notes.

Previously, KPMG LLP has, in their Independent Auditors’ Report on the financial statements of FrasersComm for the financial year ended 31 December 2008, highlighted the ability of FrasersComm to continue as a going concern.

KPMG said the ability of FrasersComm to continue was dependent on the successful outcome of its negotiations with financial institutions to refinance its loan notes totalling $550 million, of which $400 million would mature on 31 July 2009, while the remaining $150 million would mature on 31 December 2009.