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Zhenro Properties unable to repay 7 7/8% senior notes due 2024
By Marisa Wong
Los Angeles, April 12 – 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 7 7/8% senior notes due April 15, 2024 at their maturity, according to a company announcement on Friday.
The company cited tight liquidity and significant financial pressure as reasons it will be unable to make the payment due at the notes’ maturity.
As of April 12, the outstanding principal amount of the notes is $290 million.
Given the notes’ maturity date, the notes will be delisted from the Hong Kong stock exchange on April 15.
After withdrawal of listing, holders requiring further information in relation to the notes may contact the company (ir@zhenro.com).
The company said it will continue working, with its advisers on “reaching a feasible outcome on the holistic restructuring of the offshore debts of the company that can secure the sustainable operations of the group for the benefit of all stakeholders.”
Zhenro is a Shanghai-based real estate developer.
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