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Great Harvest Maeta Amends Settlement Terms for $51 Million Bond Default

MT Newswires ·  {{timeTz}}

07:26 AM EDT, 06/30/2022 (MT Newswires) -- Great Harvest Maeta Holdings (HKG:3683) amended the terms of its settlement with a bondholder who filed a winding-up petition against the company over its failure to pay convertible bonds with an outstanding redemption amount of $51.2 million.

The vessel chartering company said it will pay off the debt in installments, wherein $5 million will be repaid in cash within 10 quarterly installments and the remaining balance of $46.2 million will be paid in one lump sum on Dec. 31, 2024.

In the earlier agreement, Great Harvest intended to pay the debt through a combination of cash and bonds before Feb. 28.

The plaintiff agreed to withdraw the petition once the company delivers the documents for its mortgages on a vessel and land use rights owned by the group as security for the company's repayment obligations.

Price (HKD): $0.22, Change: $+0.04, Percent Change: +21.67%

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