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REXLot debt repayment date extended; undertaking expected this week
By Caroline Salls
Pittsburgh, Sept. 3 – REXLot Holdings Ltd.’s step A debt repayment deadline has been extended to Sept. 30 from Aug. 30, according to a news release.
As previously reported, the step A repayment is part of an agreement reached with shareholder “VC” and his Keen Start and Kingly Profits associates. The company said step A requires it to partially redeem its 2017 and 2019 bonds and partially repay the shareholder’s loan.
REXLot and VC were asked to provide an undertaking and indemnity to the bank. The company said in the Aug. 30 release that the parties have made significant progress in the last few weeks on the negotiations of the terms of the draft undertaking and indemnity. The company said it currently expects that the undertaking and indemnity can be finalized and executed during the week of Sept. 2.
Once the undertaking and indemnity has been executed, REXLot said it will discuss the partial redemption of the bonds with the bond trustee.
Trading in the company’s shares was suspended on April 1 and will remain suspended until further notice, the release said.
Based in Hong Kong, REXLot provides machines and services to the Chinese lottery market.
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