Brief: China Aoyuan Got Notice From Creditors In Respect Of Financings That Have An Aggregate Principal Amount Of About $651.2 Million

China Aoyuan

02/12/2021 15:01

Dec 2 (Reuters) - China Aoyuan Group Ltd  3883.HK :
    * RESOLUTIONS IN RESPECT OF AOYUAN SUPPLY CHAIN I ABN AND
AOYING
SUPPLY CHAIN I ABS PASSED AT HOLDERS MEETINGS
    * EXTENSION OF REDEMPTION DATE HAS BEEN GRANTED BY HOLDERS
OF
AOYUAN SUPPLY CHAIN I ABN AND AOYING SUPPLY CHAIN I ABS
    * TOTAL AMOUNT DUE UNDER AOYUAN SUPPLY CHAIN I ABN WAS
RMB522.5
MILLION
    * TOTAL AMOUNT DUE UNDER AOYING SUPPLY CHAIN I ABS WAS
RMB150
MILLION
    * NOTED CERTAIN PRESS ARTICLES THAT CO'S ONSHORE UNIT
PROVIDED A
GUARANTEE FOR AN ENTRUSTED LOAN OF RMB78 MILLION
    * CLARIFIES THAT CO & LENDER REACHED AGREEMENT REGARDING
EXTENSION
OF TERM OF LOAN
    * GOT NOTICE FROM CREDITORS IN RESPECT OF FINANCINGS THAT
HAVE AN
AGGREGATE PRINCIPAL AMOUNT OF ABOUT US$651.2 MILLION
    * PROPERTY DEVELOPERS RATINGS DOWNGARDES LED TO OCCURRENCE
OF
CERTAIN TRIGGER EVENTS UNDER CERTAIN OFFSHORE FINANCING
ARRANGEMENTS
    * HAS NOT MADE SUCH PAYMENTS AS AT DEC 2
    * CO HAS BEEN ACTIVELY COMMUNICATING WITH GROUP'S CREDITORS
TO
SEEK TO RESOLVE ANY CONSEQUENTIAL ISSUES CONSENSUALLY
    * NON-PAYMENTS MAY TRIGGER POSSIBLE ACCELERATION OF
REPAYMENT IN
RESPECT OF CERTAIN OTHER OFFSHORE FINANCING ARRANGEMENTS OF
GROUP
    * GIVEN LIQUIDITY ISSUES, NO GUARANTEE CO WILL BE ABLE TO
MEET ITS
FINANCIAL OBLIGATIONS UNDER ITS OTHER OFFSHORE FINANCING
ARRANGEMENTS
    * IF GROUP UNABLE TO MEET OBLIGATIONS TO REPAY ANY DEBT,
THERE MAY
BE MATERIAL ADVERSE EFFECT ON ITS BUSINESS, PROSPECTS
    * BOARD AND MANAGEMENT OF COMPANY WILL CONTINUE TO ASSESS
POTENTIAL IMPACT OF OFFSHORE FINANCING ARRANGEMENTS


Further company coverage:  3883.HK 

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