Zhongjun Group Holdings (01966) issued an announcement. A breach of contract occurred under the terms of the April 2024 note, so...
According to the Zhitong Finance App, Zhongjun Group Holdings (01966) issued an announcement. A breach of contract has occurred under the terms of the April 2024 note, so trading of the April 2024 note has been suspended from 9:00 a.m. on October 5, 2023.
The outstanding principal amount of the April 2024 note (7.375% senior note due 2024) is US$500 million. As stated in these announcements, the Group and its advisors are working to find an overall solution to the current foreign debt situation in the interests of all its stakeholders to ensure the Group's sustainable operation. Due to the Group's tight liquidity and ongoing communication with overseas creditors on the overall solution, the company expects that the principal amount, along with accrued unpaid interest on the April 2024 notes, will remain unpaid and will not be settled at the due date.
As the April 2024 notes expire on April 9, 2024, the April 2024 notes will be delisted at the Hong Kong Stock Exchange Limited (SEHK) after expiration.