China’s Dangdai served winding-up petition for 9¼% notes due 2022

By Marisa Wong

Los Angeles, Feb. 10 – Bank of New York Mellon, London Branch, as trustee of Dangdai International Investments Ltd.’s 9¼% guaranteed senior notes due 2022 (ISIN: XS2408455553), filed a winding-up petition against Dangdai at the High Court of the Hong Kong SAR, according to a notice on Friday.

The petition was served on the issuer on Feb. 8.

The company said it will seek legal measures to oppose the petition, because the directors of the company believe that the petition does not represent the interests of other stakeholders and may impair the value of the company. The company said it intends to defend the petition “vigorously.”

The company has been working closely with its external advisers to pursue a solution and will keep noteholders and other stakeholders updated as appropriate.

As previously reported, the company was unable pay the amount due on its 10½% guaranteed senior notes due 2023 (ISIN: XS2078359432) at their maturity in January. This non-payment triggered a cross-default for the company’s 9% guaranteed senior notes due March 7, 2023 (ISIN: XS2453127172).

Based in Wuhan, China, Dangdai is a conglomerate with a substantial medical and pharmaceutical portfolio.

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