Brief: Nan Hai Corporation Says China Merchants Bank Commenced Legal Proceedings Against Unit

Nan Hai

07/07/2022 15:02

July 7 (Reuters) - Nan Hai Corporation Ltd  0680.HK :
    * ON 5 JULY, CHINA MERCHANTS BANK COMMENCED LEGAL
PROCEEDINGS IN
HONG KONG AGAINST UNIT
    * CMB ALSO SEPARATELY COMMENCED LEGAL PROCEEDINGS AGAINST CO
AND
CHAIRMAN, CONTROLLING SHAREHOLDER OF CO RESPECTIVELY
    * PROCEEDINGS CLAIMING PAYMENT OF $53.4 MILLION BEING
OUTSTANDING
INDEBTEDNESS UNDER FACILITY AGREEMENT ENTERED ON 7 FEB 2018
    * GROUP BEEN IN DISCUSSION WITH CMB; DISCUSSIONS ARE
ON-GOING ON
RESTRUCTURING GROUP'S OBLIGATIONS UNDER FACILITY AGREEMENT
    * CMB SOUGHT DECLARATION THAT IT IS ENTITLED TO ENFORCE
CHARGE
OVER ASSETS THAT UNIT PROVIDED AS SECURITY FOR ITS OBLIGATIONS
    * SECURITY FOR OBLIGATIONS UNDER FACILITY AGREEMENT INCLUDE
100%
SHAREHOLDING OF CITY ENTERTAINMENT CORPORATION

Source text for Eikon:  ID:nHKS67k1Fs 
Further company coverage:  0680.HK 

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