Brief: Honghua Group Updates On Expected Debt Default Of Offshore Segment

Honghua

25/11/2021 11:04

Nov 25 (Reuters) - Honghua Group Ltd  0196.HK :
    * ANALYZED EXPECTED DEBT DEFAULT OF OFFSHORE SEGMENT
    * HONGHUA INVESTMENT & HONGHUA HOLDINGS TO EXERCISE SECURITY
RIGHTS TO FORFEIT SECURITY DEPOSIT OF RMB40 MILLION FROM
HONGJIEDING
    * HONGHUA INVESTMENT & HONGHUA HOLDINGS TO RECOVER 51%
STAKES IN
JIANGSU OFFSHORE & SHANGHAI OFFSHORE EACH
    * WILL COMMENCE LEGAL PROCEEDINGS FOR EXERCISE OF SECURITY
RIGHTS
    * UPON EXERCISE, REMAINING RMB2,166 MILLION DEBT OF OFFSHORE
SEGMENT OWED TO HONGHUA INVESTMENT, HONGHUA HOLDINGS TO BECOME
INTERNAL DEBTS
    * HONGHUA GROUP LTD SEES FY FINANCIAL LOSS BEFORE TAX ABOUT
RMB300-400 MILLION RESULTING FROM EXPECTED DEBT DEFAULT &
EXERCISE OF SECURITY RIGHTS
    * EXPECTED DEBT DEFAULT & EXERCISE OF SECURITY RIGHTS DO NOT
TRIGGER ANY DEFAULT PROVISIONS OF USD BONDS OF CO


Further company coverage:  0196.HK 

 (Reuters.Briefs@thomsonreuters.com)