CW Advanced sets noteholder meeting after failing to pay principal

New York, June 28 – CW Advanced Technologies Pte. Ltd. failed to repay its S$75 million of 7% notes due 2018 at their maturity on June 25, according to a notice.

The company also failed to make the interest payment due on that date.

No payment is expected by the end of the grace period on June 28, which will trigger a default on the notes.

Informal meetings will be held with noteholders, the company said.

The first is scheduled for 7 a.m. ET on July 16 and will provide information on the group’s business and financial position and the status of its financing efforts.

No decisions will be taken at the meeting.

CW Advanced Technology is a subsidiary of CW Group Holdings Ltd., a Singapore-based provider of precision engineering solutions and manufacturer of machine tools. Its production facilities are in China.

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