China’s Winsway Enterprises’ standstill agreement extended to June 15

By Caroline Salls

Pittsburgh, June 1 – Winsway Enterprises Holdings Ltd.’s standstill agreement with holders of its senior notes has been extended to June 15 from May 31, according to a news release.

The company said the standstill was extended pending ongoing discussions with the bondholders and potential equity investors.

As previously reported, Winsway did not make the $13.15 million interest payment due April 8 on its 8˝% senior notes due 2016, and the grace period for the payment expired.

Under the standstill agreement, any party to the agreement will not take or request enforcement action against the company on the senior notes, subject to specified conditions.

Winsway is a Hong Kong-based importer of coking coal.

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