Skyfame Realty cancels automatic redemption of $30 million in 4% secured convertibles due 2013

By Devika Patel

Knoxville, Tenn., Jan. 8 - Skyfame Realty (Holdings) Ltd. said it will not buy back $30 million of its $200 million issued 4% secured convertible notes due 2013, as it had planned.

The notes were issued on May 4 and had an automatic redemption clause in the event that the company did not need the funds to go forward with a proposed acquisition of GZ Port Authority's interest in the Zhoutouzui project.

The acquisition has been cancelled, and the noteholders have agreed to remove the automatic redemption clause of the notes so that the company may use the funds held in escrow for the redemption to acquire a 55% interest in a piece of land in China.

Hong Kong's Skyfame Realty is an investment holding company focused on property development.

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