China Shanshui notes payment delayed in light of occupation dispute

By Caroline Salls

Pittsburgh, Aug. 11 – China Shanshui Cement Group Ltd. announced Friday that the fourth payment on its $500 million of 7½% senior notes due 2020 will be delayed because of fundraising difficulties tied to the illegal occupation of the properties of subsidiary Shandong Shanshui Cement Group Co. Ltd. by its former management.

According to a news release, the Jinan government is encouraging various parties to cooperate to resolve related disputes.

China Shanshui said it will work out a timetable as soon as possible for the notes payment, but that will likely not occur until after the illegal occupation is resolved.

The company said it intends to continue to pay interest on the notes to its holders before the settlement of the fourth notes payment.

In a separate release, China Shanshui said Mi Jingtian unilaterally filed a notice of discontinuance of a legal action filed against the company and chairman of the board Liu Yiu Keung in the Court of First Instance of the High

Court of Hong Kong.

The company said it has the right to seek costs and damages against Mi Jingtian.

China Shanshui is a cement manufacturing company based in Jinan, China.

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