Listed firm suspends nearly US$80 million in interest payments and distributions while seeking restructuring discussions with creditors
The developer had US$1.51 billion in offshore debts, which included bank loans and notes, plus US$890.5 million in perpetual securities. It will suspend payments on US$22.62 million in interest, with deferred distribution on the perpetual securities amounting to US$56.46 million.
The decision could prompt creditors to demand quicker repayment or take other actions, though the company said it had not received any such notices. Road King would “explore a holistic solution” to address its current challenges, but did not intend to use proceeds from asset sales to repurchase its notes and perpetual securities. Instead, it would use such proceeds to fund a broader restructuring.
The company said it aimed to discuss restructuring terms with a small group of creditors, starting with the bondholders who provided feedback on earlier proposals. It also welcomed discussions and constructive dialogue with other creditors, it added.
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