BRIEF-Modern Land (China) Updates On Possible Impact Of Non-Payment On Other Financing Arrangements

Reuters2021-11-01

Nov 1 (Reuters) - Modern Land (China) Co Ltd :

* UPDATES ON POSSIBLE IMPACT OF NON-PAYMENT ON OTHER FINANCING ARRANGEMENTS

* WITHDRAWAL OF RECOMMENDATION FOR PAYMENT OF 2021 INTERIM DIVIDEND

* AS AT NOV 1, PRINCIPAL AMOUNT OF 2023 NOTES REMAINING OUTSTANDING IS US$321 MILLION

* HAS NOT RECEIVED ANY NOTICE FROM HOLDERS OF 2023 NOTES IN RESPECT OF ANY ACCELERATION ACTION

* NON-PAYMENT OF 2021 NOTES TRIGGERED POSSIBLE ACCELERATION OF REPAYMENT OF CERTAIN OTHER EXISTING MATERIAL FINANCING ARRANGEMENTS

* BOARD, MANAGEMENT OF CO CURRENTLY ASCERTAINING REPAYMENT OBLIGATIONS OF GROUP

* EXPECTS TO ENGAGE INDEPENDENT FINANCIAL ADVISORS SOON

* GOT NOTICES FROM CREDITOR OF OFFSHORE DEBT OBLIGATIONS DEMANDING EARLY REPAYMENT OF US$23.6 MILLION

* IN DISCUSSION WITH CREDITOR FOR A WAIVER IN RESPECT OF ACCELERATION AND ENFORCEMENT ACTIONS

* RESOLVED TO WITHDRAW ITS RECOMMENDATION FOR PAYMENT OF THE 2021 INTERIM DIVIDEND OF HK4.81 CENTS PER SHARE

* SAYS SHARES AND DEBT SECURITIES WILL REMAIN HALTED UNTIL FURTHER NOTICE

Source text Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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