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NWD Tells Creditors Not Much Room to Improve Debt Swap Terms: Wire
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NEW WORLD DEV (00017.HK) informed some creditors during a meeting this week that there is not much room for improvement in the terms of the debt swap, which, as previously announced, involves the issuance of new perpetual bonds and notes totaling up to USD1.9 billion, Bloomberg reported, citing sources. Meanwhile, some creditors have expressed concerns about the structure of the debt swap. According to the latest plan, the impairment on the new perpetual bonds could be up to 50%, while the notes could see a maximum impairment of 28.5%. Another key term is that holders of the new bonds will receive priority use rights to Victoria Dockside as collateral. An offer document with over 300 pages sent to creditors, however, shows that these bondholders will still rank below Deutsche Bank by liquidation. Deutsche Bank is a lender of another HKD3.95 billion loan secured by Victoria Dockside. AAStocks Financial News |
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