Kangde Xin Composite will not repay 6% notes on March 16 maturity

By Rebecca Melvin

New York, March 13 – Kangde Xin Composite Material Group Co. Ltd. will not be able to make payment on $300 million outstanding of 6% guaranteed notes due March 16, 2020 as per the terms and conditions of the notes, according to a regulatory notice.

The notes’ issuer Top Wise Excellence Enterprise Co. Ltd. is in liquidation, and trading of the notes has been suspended on the Hong Kong Stock Exchange since Jan. 16.

KDX made previous announcements related to the issue dated Jan. 16, 2019, March 14, 2019, April 18, 2019, May 27, 2019, June 26, 2019 and Jan. 9, 2020. Those updates were having to do with the issuer’s default on interest due on March 18, 2019, and the appointment of John David Ayres of FTI Consulting (BVI) Ltd. and Fox Hei Yu of FTI Consulting (Hong Kong) Ltd. as the joint liquidators of the issuer in the Eastern Caribbean Supreme Court in the British Virgin Islands.

The China-based company makes optical film for printing, packaging and other applications.

© 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.