China Beidahuang aims to move forward with restructuring of debt

By Marisa Wong

Los Angeles, March 23 – China Beidahuang Industry Group Holdings Ltd. said it has been working closely with its professional advisers and is exploring options for restructuring its debt.

The company cited current liquidity constraints and financial challenges as reasons for the proposed restructuring.

This restructuring may include debt restructuring by engaging with creditors, other stakeholders and potential investors and by way of a scheme of arrangement in Hong Kong.

In connection with the proposed restructuring, the company’s board of directors announced that the convening hearing with respect to the scheme is scheduled to be heard before the High Court of Hong Kong on June 16.

At the convening hearing, the company will seek an order to actually convene the scheme meeting for the purpose of considering and, if thought fit, approving the scheme.

The Hong Kong-based investment holding company is primarily involved in winemaking.

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