Hong Kong-listed property developer Logan down 15.2% on winding-up petitions

Logan

08/11/2022 02:26

** Shares in Logan Group  3380.HK  tumble as much as 15.2%
as trading resumes
    ** Shares of Hong Kong-listed co were suspended from trading
on Monday afternoon
    ** Shenzhen-based property developer says a winding-up
petition filed against it and two of its units on Nov 4 at a
Cayman Islands court and a Hong Kong court, respectively
    ** The petitions were filed by Citicorp International Ltd,
which represents few noteholders of the 5.75% bond due 2025,
Logan says in a filing
    ** The developer says it will oppose the petitions, as they
do not represent the interests of other stakeholders and may
impair the value of the firm    
    ** It adds the petition may lead to other creditors
demanding early repayments 
    ** Logan says it has been engaging with creditors since
August to form a holistic liability management solution 
    ** The Hang Seng Mainland Properties Index  .HSMPI  drops
1.6%
 ((clare.jim@tr.com))