Brief: Modern Land (China) Updates On Possible Impact Of Non-Payment On Other Financing Arrangements

Modern Land (China)

01/11/2021 14:53

Nov 1 (Reuters) - Modern Land (China) Co Ltd  1107.HK :
    * UPDATES ON POSSIBLE IMPACT OF NON-PAYMENT ON OTHER
FINANCING
ARRANGEMENTS
    * WITHDRAWAL OF RECOMMENDATION FOR PAYMENT OF 2021 INTERIM
DIVIDEND
    * AS AT NOV 1, PRINCIPAL AMOUNT OF 2023 NOTES REMAINING
OUTSTANDING IS US$321 MILLION
    * HAS NOT RECEIVED ANY NOTICE FROM HOLDERS OF 2023 NOTES IN
RESPECT OF ANY ACCELERATION ACTION
    * NON-PAYMENT OF 2021 NOTES TRIGGERED POSSIBLE ACCELERATION
OF
REPAYMENT OF CERTAIN OTHER EXISTING MATERIAL FINANCING
ARRANGEMENTS
    * BOARD, MANAGEMENT OF CO CURRENTLY ASCERTAINING REPAYMENT 
OBLIGATIONS OF GROUP
    * EXPECTS TO ENGAGE INDEPENDENT FINANCIAL ADVISORS SOON
    * GOT NOTICES FROM CREDITOR OF OFFSHORE DEBT OBLIGATIONS
DEMANDING
EARLY REPAYMENT OF US$23.6 MILLION
    * IN DISCUSSION WITH CREDITOR FOR A WAIVER IN RESPECT OF
ACCELERATION AND ENFORCEMENT ACTIONS
    * RESOLVED TO WITHDRAW ITS RECOMMENDATION FOR PAYMENT OF THE
2021
INTERIM DIVIDEND OF HK4.81 CENTS PER SHARE
    * SAYS SHARES AND DEBT SECURITIES WILL REMAIN HALTED UNTIL
FURTHER
NOTICE

Source text https://www1.hkexnews.hk/listedco/listconews/sehk/2021/1101/2021110103471.pdf
Further company coverage:  1107.HK 

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