DaFa Properties to Hire Adviser for Offshore Debt Restructuring

DaFa Properties is in the process of appointing financial adviser to assist it with restructuring of its offshore debt in order to reach a consensual solution with all stakeholders, according to filing to HKEX.

• Co. did not pay $22.3m interest before expiry of 30-day grace period as the payment under the 12.375% notes became due on Jan. 30
• Co. considers it necessary to ensure fairness to all its creditors by avoiding selective repayment after a winding-up petition was filed against it
• Co. appointed Sidley Austin as legal adviser
• NOTE: Feb. 21, DaFa Properties Says Wind-Up Filed Against Co. on $15m ...