DaFa Properties skips interest payment on 12 3/8% notes due July 2022

By Rebecca Melvin

Concord, N.H., March 2 – DaFa Properties Group Ltd. did not make a $22,275,000 interest payment on its 12 3/8% senior notes maturing July 2022 when it was due on Jan. 30 or within a 30-day grace period following the due date, according to a notice posted by the Stock Exchange of Hong Kong Ltd.

The company announced Feb. 21 a winding-up petition filed against the company, and the board decided to avoid making selective repayment out of fairness to all its creditors, the notice stated.

DaFa is appointing a financial adviser to assist it with restructuring of its offshore debt to reach a consensual solution with all stakeholders as soon as practicable.

The company has appointed Sidley Austin as its legal adviser to support its restructuring process.

DaFa is a real estate developer based in Shanghai.

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