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Kunzhi: Administrator rejects creditors' rights claims against Founder
By Sarah Lizee
Olympia, Wash., Sept. 8 – China’s Kunzhi Ltd. informed holders of its $490 million 6¼% guaranteed bonds due 2020 and $310 million floating-rate guaranteed bonds due 2021 guaranteed by Founder Information (Hong Kong) Ltd. that an administrator has rejected claims of creditors' rights made against Peking University Founder Group Co. Ltd., which provides a keepwell deed and a deed of equity interest purchase undertaking for the bonds.
On Aug. 19, the administrator sent notices of results of creditors' rights recognition to Bank of New York Mellon, London Branch as the trustee of the bonds, under which the administrator rejected in full the claims of creditors' rights against Founder Group declared by the trustee based on the keepwell deeds and deeds of equity interest purchase undertaking relating to the Kunzhi bonds, as well as $200 million 4.7% guaranteed bonds due 2021, $400 million 5.35% guaranteed bonds due 2023 and $300 million 4.575% guaranteed bonds due 2020 issued by Nuoxi Capital Ltd., guaranteed by Hongkong JHC Co., Ltd. and with the benefit of a keepwell deed and a deed of equity interest purchase undertaking provided by Founder Group.
Trading in the Kunzhi bonds remains suspended.
As previously reported, Founder Group did not pay the principal and interest of its super short-term commercial paper on Feb. 21 due to the Beijing First Intermediate People’s Court’s Feb. 19 ruling to begin a reorganization process, according to a notice.
At that time, Kunzhi had notified holders that, to the best of its knowledge, “Founder Group will actively proceed with the reorganisation and make proper arrangements for the rights and interests of the holders of the SCP in accordance with laws and regulations.”
The issuer noted that it will keep bondholders updated through further announcements.
Peking University is a Beijing-based technology conglomerate.
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