China South City appoints advisors for debt restructuring

By William Gullotti

Buffalo, N.Y., April 29 – China South City Holdings Ltd. has appointed external legal and financial advisors to aid in pursuing a “holistic solution” for offshore debt restructuring, according to an announcement on Monday.

As previously reported March 11, the company’s Feb. 29 failure to make mandatory redemption and interest payments resulted in defaults and cross defaults impacting an aggregate HK$25,329,000,000 of the company’s debt.

The company has appointed Alvarez & Marsal Corp. Finance Ltd. as its financial advisor and Linklaters as its legal advisor to engage offshore creditors, noting that it “will ensure all offshore creditors are treated in a fair and equitable manner.”

Details of the company’s solution were not disclosed in the announcement, indicating that creditors should contact its legal and financial representatives for details and progress.

Hong Kong-based China South City develops and operates integrated logistics and trade centers in China.

© 2015 Prospect News.
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