China’s real estate developer, which is mired in a debt quagmire, announced Tuesday evening that the company and its subsidiaries have recently added new debt principal and interest amounting to RMB 5.595 billion, including bank loans, trust loans and other forms of debt, which have not been repaid as scheduled due to the company’s liquidity being strained for a period of time.
The announcement also said that, up to now, the company has failed to repay the principal and interest of debt totaling RMB 37.210 billion as scheduled, and the company is now actively coordinating with the above-mentioned overdue financial institutions on matters related to the extension.
The announcement continued to emphasize that “with ‘no debt evasion’ as the basic premise, Huaxia Happiness’ debt risks will be resolved in a stable manner in accordance with the principles of marketization, rule of law, fairness and fairness, and classification of policies.”
Huaxia Happiness had announced last week that the new failure to repay the principal and interest on debt as scheduled amounted to 12.983 billion yuan, including bank loans, trust loans and other forms of debt, including 3.223 billion yuan of debt that should be repaid on March 24.
Previously, Huaxia Happiness has had a number of bonds that failed to pay interest or make payments on time. Both “20 Huaxia Happiness MTN001” and “20 Huaxia Happiness MTN002” triggered the cross-protection clause and the holders’ meeting failed to form an exemption resolution, and the above-mentioned medium-term notes matured early on March 19; the company said it was communicating with the lead underwriter and the debt committee to promote the extension arrangement. The company said it is communicating with the lead underwriter and debt committee to promote the extension arrangement.
Huaxia Happiness stock closed at 6.15 yuan on Tuesday, plunging 27.12% in the past month.
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