Tue 11/14/2023 04:25 AM
Certain holders of China SCE Group’s USD notes are working with Moelis & Co. as financial advisor as creditors negotiate with the company on the potential restructuring of its offshore debt, according to two sources familiar with the matter.
Discussions are ongoing, although Moelis is not thought to have been formally engaged, the sources said.
China SCE has appointed Haitong International Securities Co. Ltd. as financial adviser to assist it on a potential holistic restructuring for its offshore debt, as
reported.
Trading of the company’s four USD notes have been suspended from Oct. 5. As of Oct. 4, the company had missed a principal and interest payment of approximately $61 million, due under its syndicated loan agreement dated March 22, 2021, which resulted in an event of default under the company’s offshore USD senior notes, as
reported.
Moelis declined to comment. China SCE could not be reached for comment as of press time.
This article is an example of the content you may receive if you subscribe to a product of Reorg Research, Inc. or one of its affiliates (collectively, “Reorg”). The information contained herein should not be construed as legal, investment, accounting or other professional services advice on any subject. Reorg, its affiliates, officers, directors, partners and employees expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this publication. Copyright © 2024 Reorg Research, Inc. All rights reserved.