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Golden Wheel Tiandi Clarifies Delisting Misunderstanding

MT Newswires ·  {{timeTz}}

12:11 AM EDT, 03/15/2022 (MT Newswires) -- Golden Wheel Tiandi Holdings (HKG:1232) issued an explanation late Monday after its March 10 statement caused some "misunderstandings."

The property developer clarified that the delisting referred to in its previous announcement pertained to its maturing debt securities. The company's listing status will "not be affected, nor will its operations."

GW Tiandi said its 12.95% bonds will be delisted from the Hong Kong bourse following their maturity on March 14.

Once the company's proposed restructuring becomes effective, the three US dollar bonds being restructured, which include the 12.95% bonds, will be canceled and new debt securities will be issued.

The new debts are expected to be listed on the Singapore bourse.

The clarification comes after GW Tiandi last week said it will not redeem its 12.95% bonds and delist them.

The homebuilder said that although the nonpayment will trigger an event of default, it decided not to redeem the bonds given the "strong support" of bondholders for its planned debt restructuring.

GW Tiandi will restructure its obligations through a scheme of arrangement, a statutory process enabling the company to reach a settlement with creditors. The creditors' meeting will be held on March 30.

Price (HKD): $0.13, Change: $0.00, Percent Change: 0.00%

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