China Energy Reserve updates restructuring proposal

Chicago, Nov. 12 – China Energy Reserve and Chemicals Group Overseas Capital Co. Ltd. announced that it has updated its restructuring proposal for its HK$2 billion 6.3% guaranteed bonds due 2022 and the $400 million of 5.55% guaranteed bonds due 2021 issued by China Energy Reserve and Chemicals Group Holding Ltd., according to a notice.

The issuers and the guarantor remain committed to taking a collaborative and constructive approach with all bondholders to facilitate a consensual restructuring of their debt.

To that end, bondholders of the 2021 bonds and the 2022 bonds are invited to submit feedback to the company’s financial adviser, FTI Consulting, at cercg@fticonsulting.com or to the company’s legal adviser, Ashurst, at cercg@ashurst.com by Nov. 22.

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

The issuers and the guarantor propose that all interest payments on the outstanding bonds also continue to be suspended pending further notice.

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.