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Ares Mgmt Reportedly Seeks Discounted Purchase of NWD's Debt from Banks
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Alternative investment manager Ares Management Corp. approached at least two banks in recent weeks to acquire debt of NEW WORLD DEV (00017.HK) held by the banks, Bloomberg, citing sources familiar with the matter, reported. Ares purportedly aims to purchase a portion of NWD’s debt at a discount as part of the company’s ongoing refinancing efforts. However, Ares has not specified the discount rate or amount to the two banks, which have shown limited willingness to engage. The sources added that the current status of Ares’ requests remains unclear. Last year, Ares had also attempted to acquire a stake in a HKD10.2 billion project loan tied to “The Corniche”, a luxury residential development in Ap Lei Chau co-developed by Chinese property developers KWG GROUP (01813.HK) and LOGAN GROUP (03380.HK), but failed to secure the deal. NEW WORLD DEV opened 1.4% higher this morning (13th), peaking at HKD5.37. The stock last stood at HKD5.31, up 2.51%, with a turnover of HKD20.6716 million. AAStocks Financial News |
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