Alibaba has asked its creditors to let it extend the draw-down period of an $8 billion loan which was originally set to expire January 30, 2014, which would give the company more time to set up its initial public offering.
“We have plenty of cash on the balance sheet and there is no need to draw down at this time, so we are extending the availability of funds to maintain flexibility,” the company said in a statement, Elzio Barreto and Prakash Chakravarti report for Reuters.
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