| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Z > Headlines for Zhongliang Holdings Group Co. Ltd. > News item |
Zhongliang to oppose winding-up petition relating to 8˝% notes due May 2022
By Wendy Van Sickle
Columbus, Ohio, Nov. 22 – China’s Zhongliang Holdings Group Co. Ltd. announced a winding-up petition was filed against it by China Construction Bank (Asia) Corp. Ltd. on Nov. 21 in relation to Zhongliang’s $18.65 outstanding 8˝% senior notes due May 2022 (ISIN: XS2341214059).
Zhongliang will vigorously oppose the petition, filed in the High Court of the Hong Kong Special Administrative Region, according to an announcement from the company, which says it was served the petition on Nov. 22.
If the company is ultimately wound up as a result of the petition, any disposition of the property of the company and any transfer of shares, or alteration in the status of the members of the company, made after Nov. 21 will be void as a matter of Hong Kong law unless a validation order is obtained from the court, the announcement states.
The company said its board is of the view that the petition does not represent the interests of other stakeholders and may impair the value of the company and that it will seek legal measures to resolutely oppose the petition.
‘The group [comprising the company and its subsidiaries] is exploring a holistic solution to the current offshore debts situation to secure the sustainable operations of the group for the benefit of all of its stakeholders,” the announcement states, adding that the group’s offshore debts, including senior notes and private loans, total about $1.18 billion and that the principal amount covered in the petition accounts for only about 1.6% of that figure.
Zhongliang is a residential property management company based in Shanghai.
© 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.