Brief: Guangdong Adway Construction Is Currently Unable To Repay Certain Of Its Liabilities

Guangdong Adway Construction (Group) Holdings

22/09/2023 16:10

Sept 22 (Reuters) - Guangdong Adway Construction Group
Holdings Co Ltd  6189.HK :
    * HAS BEEN HAVING FINANCIAL DISTRESS AND IS CURRENTLY UNABLE
TO
REPAY CERTAIN OF ITS LIABILITIES
    * AS AT 31 MAY ESTIMATED TOTAL DEBTS AND LIABILITIES OF
COMPANY
UNDER DEBT RESTRUCTURING AMOUNTED TO RMB668.5 MILLION
    * TARGETS TO REACH CONSENSUS WITH CREDITORS ON A HAIRCUT ON
AMOUNT
OF DEBTS
    * HAIRCUT ON AMOUNT OF DEBTS TO RMB185.7 MILLION
    * PROPOSES TO IMPLEMENT CAPITAL REDUCTION
    * REGISTERED CAPITAL WILL BE REDUCED BY REDUCTION OF NOMINAL
VALUE
OF EACH DOMESTIC SHARE AND EXISTING H SHARE TO RMB0.10
    * DOMESTIC SHARES SUBSCRIBERS TO SUBSCRIBE 218 MILLION NEW
DOMESTIC SHARES AT HK$0.185 PER SHARE
    * HAS BEEN HAVING FINANCIAL DISTRESS AND IS CURRENTLY UNABLE
TO
REPAY CERTAIN OF ITS LIABILITIES
    * TRADING IN SHARES WILL REMAIN SUSPENDED UNTIL FURTHER
NOTICE

Further company coverage:  6189.HK 

 ((Reuters.Briefs@thomsonreuters.com;))