Victory City Appoints Liquidators for Restructuring Plan

Victory City International Holdings has filed winding up petition and appointed joint provisional liquidators to review its financial position and to oversee any reorganization or refinancing of the company, according to Hong Kong stock exchange filing.

• Company has not been able to meet scheduled repayment of HK$290m as offshore creditors have tightened their credit policy to the company
• Debts demanded in statutory demand letters it received earlier remain due and outstanding
  • NOTE: Feb. 3, Victory City Gets Statutory Demand Letter For Syndicated Loan
  • NOTE: Jan. 18, Victory City: HSBC Demands Payment Related to Debt Facilities
• Company to make further ...