Modern Land says it did not repay principal, interest on maturing bond

Modern Land (China)

26/10/2021 01:12

SHANGHAI, Oct 26 (Reuters) - Developer Modern Land (China)
Co Ltd  1107.HK  said on Tuesday that it had not repaid
principal and interest on a bond that matured Oct. 25 due to
"unexpected liquidity issues".
    In a filing to the Singapore Exchange, Modern Land said that
it was assessing the financial condition and cash position of
the group, and expects to engage independent financial advisors
soon for an overall plan.
    Trading of the company's shares and debt securities will
remain halted until further notice, it said. The company last
week ended an attempt to seek bondholder approval to extend the
maturity of its 12.85% senior notes due 2021.  urn:newsml:reuters.com:*:nB9N2QB00N

 (Reporting by Andrew Galbraith; Editing by Christopher Cushing)
 ((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging:
andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))