REXLot Holdings step A debt repayment deadline extended to Aug. 30

By Caroline Salls

Pittsburgh, Aug. 1 – REXLot Holdings Ltd.’s step A debt repayment deadline has been extended to Aug. 30 from July 31, 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 Thursday’s release that the parties are still negotiating the terms of the draft undertaking and indemnity.

As of Thursday, REXLot said it still had not received the bank’s response to its draft undertaking. In the meantime, the company said it is considering other options to resolve its current situation.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.