China's Agile Group misses interest payment on $483 mln offshore note (updated)

Agile group

14/05/2024 01:04

(Updates with details on missed interest payment)
       May 14 (Reuters) - Agile Group Holdings  3383.HK  missed
an interest payment for its $483 million senior note and warned
it may not be able to fulfill all offshore debt payment
obligations due to liquidity pressure, the Chinese property
developer said on Tuesday.
    The grace period for the interest payment on the $483
million 6.05% senior notes due 2025, issued in November 2020,
had expired on Monday.
        "The company will maintain active communication with
creditors, and actively explore the best possible solutions to
achieve long-term sustainable development and safeguard the
interests of all stakeholders," the company said in a filing.
    Agile said it has not yet received any notice for
accelerated debt repayment from relevant creditors regarding the
2020 notes.
        
  

 (Reporting by Sameer Manekar in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))