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2004-10-12 07:55:00 a.m. HKT, XFNA
Hong Kong-listed Century City signs 1.79 bln hkd debt restructuring - report
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HONG KONG (XFN-ASIA) - Century City Holdings has signed a 1.79 bln hkd
debt-restructuring agreement with creditors, the South China Morning Post
reported, citing Chairman Lo Yuk-sui.
Under the agreement, Century City will settle its outstanding debt of 1.
55 bln hkd through the issuance of non-voting preference shares worth about 1.
38 bln hkd, each convertible into ordinary shares at a ratio of one-to-one
over the next five years.
The remaining debt is to be settled with 79 mln hkd raised through
secured bilateral loans that Lo will guarantee and Lo-controlled Paliburg
Holdings will secure, 14 mln hkd through notes exchangeable into ordinary
Paliburg shares and a further 74.5 mln hkd through existing Paliburg shares
held by Century City.
The debt-restructuring deal was reached on Sept 30.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/ds
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