China’s Green Dragon still in bond extension talks after non-payment

By Caroline Salls

Pittsburgh, Dec. 22 – Green Dragon Gas Ltd. still has not repaid its 10% senior secured callable bond issue 2014/2017, which matured on Nov. 20, but although no new maturity extension has been instructed by the majority bondholders, bond trustee Nordic Trustee AS said the bonds will not be declared in default or accelerated “until further notice,” according to a notice released by the trustee on Friday.

As previously reported, the majority bondholders most recently instructed the trustee not to take any action related to the non-payment through the close of business on Dec. 19.

According to Friday’s notice, one or more bondholders is still in discussions with Green Dragon regarding amendments to the bond agreement, including an extension to the maturity date.

Hong Kong-based Green Dragon Gas produces and sells coalbed methane gas in China.

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