China Orienwise, noteholders ink non-binding memorandum on debt-for-equity exchange

By Caroline Salls

Pittsburgh, Dec. 12 - China Orienwise Ltd.'s board of directors has signed a non-binding memorandum of understanding with some holders of the company's $100 million of 10½% senior notes due 2011 for a possible debt-for-equity investment by the participating noteholders, according to a news release.

Under the memorandum, the notes would be exchanged into China Orienwise preference shares.

The company said the noteholders also hold warrants issued by China Orienwise Financial Holding Ltd.

The memorandum calls for preference shares to be issued to each noteholder in consideration for the cancellation of the notes and warrants.

The transaction is subject to completion of legal, financial and commercial due diligence to the satisfaction of the noteholders, negotiation and execution of legally binding documentation and the fulfillment of all applicable conditions.

China Orienwise is a Chinese credit guarantee company.

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