Yango Cayman Investment formulates restructuring plan on defaults

Chicago, March 11 – Yango (Cayman) Investment Ltd. said that it has not made the interest and principal payment due Feb. 20 on its $105.9 million outstanding 12˝% guaranteed senior notes due 2022 (ISIN: S2122415396) or the interest payment due Feb. 4 on its $300 million outstanding 12˝% guaranteed senior notes due 2024 (ISIN: XS2369829473), according to an announcement.

There was a 30-day grace period.

The non-payment for the notes may trigger the possible acceleration of the repayment of other existing offshore financing arrangements of the company.

The company is assessing its assets and expected cashflow to formulate an overall restructuring plan.

The company cites adverse impacts as the reason for the default, including the macroeconomic environment, the regulations on real estate and financial industry and the Covid pandemic.

The company says it is “facing a temporary cash flow interest” in the press release.

Yango (Cayman) Investment Ltd. is a subsidiary of Fujian Yango Group Co. Ltd., a real estate development business located in Fujian, China.

Fujian Yango is listed as guarantor on the notes.

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