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CHINA VANKE Creditors Meeting to Discuss Bond Extension Plan: Wire
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CHINA VANKE (02202.HK) creditors convened a meeting today (10th) as the company is seeking creditor support for a plan to extend a RMB2 billion domestic bond maturing on December 15, Bloomberg reported. Creditors need to vote on the extension plan by Friday (12th). Vanke needs approval from at least 90% of bondholders to pass the plan, and at least three creditors have so far expressed opposition. The company's initial plan was to provide a 12-month grace period without any cash or installment payments. However, yesterday (9th), Vanke representatives contacted some creditors, indicating the company's willingness to pay part of the interest, while not specifying the amount. AASTOCKS Financial News Website: www.aastocks.com |
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