China’s Xiwang Special Steel pushes bond maturity date to September

Chicago, June 12 – Xiwang Special Steel Co. Ltd. extended the maturity date on its $30 million 10% bonds that were originally due in 2019, according to an announcement.

At a bondholders’ meeting on June 12, it was agreed that the maturity date and payment for all outstanding and unpaid interest be extended to Sept. 30, 2023 from Dec. 11, 2019.

Interest will continue to accrue, as it has since Dec. 11, 2019, at the default interest rate.

The bondholders also resolved to direct the company and the guarantors to, among other things, execute a deed poll in order to give effect to the abovementioned resolutions and to implement the same.

Based in Binzhou, China, the issuer is a special steel manufacturer.

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