Dawn Victor notifies holders of Peking University’s skipped CP payment

By Sarah Lizee

Olympia, Wash., Feb. 25 – China’s Peking University Founder Group Co. Ltd. did not pay the principal and interest of its super short-term commercial paper on Feb. 21 due to the Beijing First Intermediate People’s Court’s Feb. 19 ruling to begin the reorganization process, according to a notice.

Peking University Resources Group Co., Ltd. and Founder Information (Hong Kong) Ltd. guarantee Dawn Victor Ltd.’s $350 million 8.45% bonds due 2020.

Dawn Victor notified holders that, to the best of its knowledge, “Founder Group will actively proceed with the reorganisation and make proper arrangements for the rights and interests of the holders of the SCP in accordance with laws and regulations.”

The issuer noted that it will keep bondholders updated through further announcements.

Peking University is a Beijing-based technology conglomerate.

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