Brief: China Oceanwide Got Copy Of Notice Of Default From Lender

China Oceanwide Holdings

20/10/2021 15:15

Oct 20 (Reuters) - China Oceanwide Holdings Ltd  0715.HK :
    * RECEIVED A COPY OF NOTICE OF DEFAULT DATED 16 OCT FROM
LENDER
STATING THAT BORROWER FAILED TO SATISFY PRE-CONDITIONS
    * OCM HARBOUR INVESTMENTS DEMANDED IMMEDIATE PAYMENT OF ALL
OUTSTANDING AMOUNT OWING UNDER FINANCE DOCUMENTS CONTEMPLATING
LOAN
    * AS AT DATE OF NOTICE OF DEFAULT, AGGREGATE AMOUNT CLAIMED
BY
LENDER IN NOTICE OF DEFAULT WAS US$159.3 MILLION
    * CURRENTLY NEGOTIATING WITH LENDER FOR AN UPDATED REPAYMENT
PLAN
    * ASSESSING LEGAL, FINANCIAL AND OPERATIONAL IMPACT OF OCM
CLAIM

Source text for Eikon:  ID:nHKS3jtQGJ 
Further company coverage:  0715.HK 

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