Reward Science fails to make repayment, disclose financial reports

By Sarah Lizee

Olympia, Wash., Sept. 4 – China’s Reward International Investment Ltd. failed to repay the full amount of its 16 Reward Sci & Tech MTN001 due June 22, 2019 on time, according to a company filing with the Stock Exchange of Hong Kong Ltd.

The company also announced that, though it was originally scheduled to disclose its 2019 semiannual financial statements before Aug. 31, the company’s bankruptcy reorganization audit is processing.

“The company’s bankruptcy reorganization audit base date is May 31, 2019, so the company is not able to disclose the 2019 semiannual financial statements as planned,” the company said.

The lead underwriter, Everbright Securities, said it is continuing to supervise the issuer to carry out information disclosure obligations and reveal information on “major issues affecting its solvency in a timely manner.”

As previously reported, Reward Science and Technology entered bankruptcy in May, and trading in the $200 million 7¼% senior notes due 2020 has been suspended since Dec. 13, 2018.

The notes are guaranteed by Reward Science and Technology Industry Group Co., Ltd. and Reward (HK) International Co. Ltd.

According to a separate filing, on July 15 the People’s Court of the Chaoyang District of Beijing gave the company permission to manage its property and operation affairs under the supervision of the administrator.

Beijing-based Reward Science and Technology makes and distributes food products, including milk powder and anhydrous butter products.

© 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.