European TopSoho announces settlements in disputed €250 million 4% bonds due 2021

By Rebecca Melvin

New York, Jan. 19 – European TopSoho Sarl has reached “commercial settlement agreements” regarding disputes associated with its €250 million 4% secured bonds due 2021, exchangeable into shares of SMCP SA (ISIN XS1882680645), according to a company release.

The bond’s guarantor Forever Winner International Development Ltd., said the agreements, pursuant to a Jan. 7 announcement of receipt of a purported default notice from GLAS SAS, were reached with Hang Seng Bank Ltd. and Industrial Bank Co. Ltd.

An ad hoc group of holders of the bonds has been formed to address communication concerns and Perella Weinberg UK Ltd. has been appointed financial adviser and Linklaters LLP as legal advisor to assist in dealings with holders going forward, the company said.

The investment holding company is based in Luxembourg.

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