Brief: Rare Earth Magnesium Technology Group Updates On Century Sunshine's Default To Redeem Notes

Century Sunshine group

03/07/2020 16:11

July 3 (Reuters) - Rare Earth Magnesium Technology :
    * RARE EARTH MAGNESIUM TECHNOLOGY GROUP UPDATES ON CENTURY
SUNSHINE'S DEFAULT TO REDEEM S$101.75 MILLION SUBORDINATED NOTES
    * CS DEFAULT CONSTITUTES AN EVENT OF DEFAULT IN RESPECT OF
CERTAIN
BORROWINGS OF GROUP
    * CO HAS RECEIVED DEMANDS FOR REPAYMENT OF BORROWINGS FROM
ONE OF
BANK CREDITORS
    * APPLIED TO BERMUDA SC TO APPOINT "LIGHT TOUCH" JOINT
PROVISIONAL
LIQUIDATORS TO RESTRUCTURE DEBT
    * ONE OF ITS BANK CREDITORS DEMAND CO REPAY BORROWINGS
GUARANTEED
BY CO OF ABOUT HK$22.87 MILLION
    * EXPLORING OPTIONS TO RESTRUCTURE ITS DEBTS AND INTENDS TO
IMPLEMENT A MANAGEMENT LED RESTRUCTURING

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Further company coverage:  0601.HK 

 (Reuters.Briefs@thomsonreuters.com)