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Zhenro Properties cannot repay 8.35% senior notes due 2024
By Mary-Katherine Stinson
Lexington, Ky., March 6 – China’s Zhenro Properties Group Ltd. does not expect to be able to pay the outstanding principal amount of and accrued interest due on its $200 million 8.35% senior notes due 2024 at maturity considering the company’s offshore holistic liability management solutions, according to a company announcement.
The notes will mature on March 10, 2024.
Given the notes’ maturity date, the notes will be delisted from the Hong Kong stock exchange on the maturity date.
After withdrawal of listing, holders requiring further information in relation to the notes may contact the company at Room 3201, 32/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong, or ir@zhenro.com.
As previously announced, participating creditors holding over 79% of the company’s existing debt had agreed to Zhenro’s restructuring support agreement by the consent fee deadline on Jan. 24.
The company noted it is working diligently toward the implementation of the offshore holistic liability management solutions with the support from the creditors in anticipation of the May 2 court hearing to be convened for the scheme.
Zhenro is a Shanghai-based real estate developer.
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