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Century Sunshine proposes restructuring schemes for 7% notes due 2020
By Wendy Van Sickle
Columbus, Ohio, April 27 – Century Sunshine Group Holdings Ltd., CS Ecological, New Bright, Ming Xin, Long Xiang and Acro have proposed a restructuring via schemes of arrangement that are subject to the approval of the High Court of Hong Kong and a pre-packaged scheme that is subject to approval of the High Court of Singapore, according to a company notice.
The restructuring relates to the company’s S$101.75 million 7% notes due 2020 (ISIN: SG7CG8000008), which were originally issued under the company’s S$300 million multicurrency medium-term note program.
Century Sunshine and all of the subsidiaries aside from CS Ecological have been placed into provisional liquidation.
The schemes and the pre-pack scheme involve pooling scheme assets of the group, which include proceeds received from the disposal of scheme shares, the dividend payment to Acro as 50.5% shareholder of Shandong Hongri for the dividends declared by Shandong Hongri to its shareholders and proceeds from the disposal of Zhangzhou Land, a company to be incorporated in Hong Kong and administered by the scheme administrators for the benefit of the scheme creditors.
The schemes will only be effective upon scheme creditors representing more than 50% in number and 75% in value voting in favor, in person or in proxy, of the relevant scheme at meetings to be held on June 15; sanctioning of all of the schemes by the Hong Kong court; and settlement in full of all restructuring costs.
The pre-pack scheme will be effective only if it is sanctioned by the Singapore court and all of the other schemes become effective.
Century Sunshine is a Hong Kong-based producer of magnesium and ecological fertilizers.
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