Lion Diversified holders OK restructuring of 6% exchangeable bonds

By Marisa Wong

Morgantown, W.Va., Feb. 17 – Lion Diversified Holdings Bhd. announced that wholly owned subsidiary Excel Step Investment Ltd. further restructured its $132.11 million 6% exchangeable bonds due 2017 on Tuesday.

Excel Step is no longer in default under the bonds, and no event of default is continuing, according to a Bursa Malaysia announcement.

Holders of at least 90% of the 6% exchangeable bonds voted in favor of an extraordinary resolution on Feb. 12. As a result, the company executed new agreements relating to the bonds on Tuesday.

In December the company asked holders to extend a past due partial redemption date for the bonds.

A default had occurred on $4 million of the bonds due on the 10th partial redemption date of Nov. 16, according to a prior company notice.

Lion then asked to extend the 10th partial redemption date to Jan. 31.

There was about $39.68 million of the exchangeables outstanding as of December.

The bonds are exchangeable into Parkson Holdings Bhd. shares.

Lion makes steel and electronic components and is involved in property development. The company is based in Kuala Lumpur.

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