China Energy mulls restructuring proposal feedback; proceedings delayed

By Wendy Van Sickle

Columbus, Ohio, April 9 – China Energy Reserve and Chemicals Overseas Co. Ltd. and China Energy Reserve and Chemicals Group Co. Ltd.’s proceedings related to their HK$2 billion 6.3% guaranteed bonds due 2022 have been delayed due to the partial closure of the Hong Kong courts, according to a company update.

The companies also said they have received and are considering a “wide range of feedback” from holders of the 2022 bonds and the $400 million 5.55% bonds due 2021 to their revised updated restructuring proposal. The issuers published a revised restructuring proposal on March 25 and had requested feedback by April 8.

The proceedings related to the 2022 bonds followed a Feb. 4 notice declaring the 2022 bonds to be immediately due and payable at par plus accrued interest.

All interest and principal payments on the outstanding bonds continue to be suspended.

Trading remains suspended on the bonds as it has since May 28, 2018.

The company provides energy development services and is based in Beijing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.