Yida China fails to pay consent fee to holders of 12% notes due 2025

By Marisa Wong

Los Angeles, Jan. 3 – Yida China Holdings Ltd. has not made a $3.45 million payment under a consent solicitation relating to its 12% senior notes due April 30, 2025 (ISIN: XS2130508000), the company said in a notice on Tuesday.

The $3.45 million was to be paid on Dec. 31 to all holders of the outstanding notes on a pro rata basis.

The company cited unfavorable factors in the macroeconomy, real estate market and financial environment and multiple rounds of epidemics as reasons for the non-payment.

Because of the non-payment, noteholders may demand acceleration of repayment under the notes. However, the company has not received any such notice as of Tuesday’s announcement.

Yida China Holdings is a Shanghai-based business park developer and operator.

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