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R&F PROPERTIES (02777.HK) Appoints Receivers for Assets of Certain Subsidiaries
Recommend 3 Positive 5 Negative 1 |
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R&F PROPERTIES (02777.HK) announced that on 8 July and 19 August, Trillion Glory (the borrower under the facility agreement) and R&F (HK) (one of the guarantors under the facility agreement) each received a winding-up petition filed by the petitioner, one of the lenders holding 18% of the outstanding principal amount of the loan, at the High Court in relation to the non-repayment of the petitioner’s pro-rata share of the principal amount of the loan, together with accrued interest. Each of Trillion Glory, R&F (HK), and Noble Ease received yesterday (3 September) a notice from Serica Agency as security agent of, among other things, the appointment of Chan Leung Lee and Yuen Tsz Chun of Frank Forensic and Corporate Recovery as joint and several receivers in respect of the assets subject to security created in favour of the security agent in connection with the facility agreement, including, among others, shares in Noble Ease held by R&F (HK), shares in Trillion Glory held by Noble Ease, and assets of Trillion Glory. Currently, Trillion Glory holds the entire equity interest of a wholly-owned subsidiary of the company holding indirectly 68 hotels and one office building in China. Trillion Glory is a wholly-owned subsidiary of Noble Ease which is in turn a wholly-owned subsidiary of R&F (HK). R&F PROPERTIES said that it is assessing the legal, financial, and operational impacts of the appointment of the receivers, and working with its advisors to explore comprehensive and feasible solutions with a view to securing the long-term future development of the group for the benefit of all stakeholders. The group intends to proactively communicate and work with its offshore creditors on its restructuring plan. AAStocks Financial News |
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