China Energy Reserve receives acceleration notice for 2022 bonds

Chicago, Feb. 3 – China Energy Reserve and Chemicals Group Co. Ltd. has received an acceleration notice from Bank of Communications Trustee Ltd. for its HK$2 billion 6.3% guaranteed bonds due 2022 issued by China Energy Reserve and Chemicals Overseas Co. Ltd., according to a notice.

According to the notice, the bonds are immediately due and payable at par plus interest.

On Jan. 24 the trustee commenced legal proceedings in the Court of First Instance of the High Court of Hong Kong Special Administrative Region.

In light of the ongoing matters, this announcement and the wide range of feedback received from bondholders, the issuers and the guarantor will need to make further changes to the updated restructuring proposal, the company said.

The issuers and the guarantor remain “committed to taking a collaborative and constructive approach with all bondholders to facilitate a consensual restructuring of their debt,” the issuer said.

All interest and principal payments on the outstanding bonds continue to be suspended pending further notice.

Trading remains suspended on the bonds as it has since May 28, 2018.

The company provides energy development services and is based in Beijing.

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