Brief: China Oceanwide Updates On Construction Contract For Los Angeles Project

China Oceanwide Holdings

25/09/2020 14:52

Sept 25 (Reuters) - China Oceanwide Holdings Ltd  0715.HK :
    * CHINA OCEANWIDE UPDATES ON CONSTRUCTION CONTRACT FOR LOS
ANGELES
PROJECT
    * CHINA OCEANWIDE -  GOT NOTICE ISSUED BY LENDLEASE (US)
CONSTRUCTION INC IT MIGHT INVOKE AN ARBITRATION PROVISION
    * CHINA OCEANWIDE CO INFORMED THAT CONTRACTOR MIGHT ASK CO
TO
PARTICIPATE IN EXPEDITED ARBITRATION WITH AMERICAN ARBITRATION
ASSOCIATION IN LA
    * CHINA OCEANWIDE - OCEANWIDE PLAZA HAS BEGUN PROCESS OF
SELECTING
A NEW CONTRACTOR
    * CHINA OCEANWIDE - GENERAL CONTRACTOR MIGHT ASK CO TO
EXPEDITE
ARBITRATION UNLESS CO PAID US$38.4 MILLION
    * CHINA OCEANWIDE HOLDINGS LTD -  WORKING ON SECURING
FUNDING TO
PAY GENERAL CONTRACTOR
    * CHINA OCEANWIDE - UNIT HAS SELECTED A POTENTIAL LENDER TO
FINANCE COMPLETION OF LA PROJECT & PAYING OFF CURRENT DEBTS
AROUND END OF 2020
    * CHINA OCEANWIDE -  EXPECTED TERMINATION WILL HAVE NO
MATERIAL
IMPACT ON LA PROJECT

Source text for Eikon: [nHKS9z0Fc3
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