Zhitong Financial APP News, Zhengshang Industries (00185) issued an announcement that with regard to the 12.5% preferred note (2023 note) maturing in 2023, on September 12, 2023, all the prerequisites for the exchange offer have been met and the exchange offer has been completed. As a result, 2023 bills validly presented for exchange and accepted under the exchange offer have been cancelled.
As at the date of this announcement, 2023 notes with a total principal of $9.752 million are still outstanding. According to the terms of the 2023 note, all outstanding principal amounts, together with their accrued and unpaid interest, will become due on September 13, 2023. As of the date of this announcement, the Company has not paid the remaining outstanding principal of US $9.752 million and its interest. Failure to pay the relevant principal at maturity will constitute a breach of contract under 2023 of the instrument. In the case of 2023 bills still outstanding, the company will continue to communicate with these holders. Holders of 2023 notes are encouraged to contact the company as soon as practicable in order to reach an agreement.
In addition, as 2023 Notes matured on September 13, 2023, 2023 Notes were delisted from the Stock Exchange on September 13, 2023.