TIMES CHINA Expediting Debt Talks ahead of Winding-up Petition Hearing Next Week: Wire

　　TIMES CHINA (01233.HK) -0.005 (-1.852%) is expediting talks on debt restructuring, which may help reduce the risk of liquidation, Bloomberg reported, citing people with the knowledge of the matter.

　　HANG SENG BANK (00011.HK) +1.200 (+1.192%) Short selling $5.64M; Ratio 6.332% filed a winding-up petition against Times China in the High Court of Hong Kong in April, seeking to recover more than $2 billion in financial liabilities, with the first hearing date set for 3 July.

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　　After receiving the winding-up petition, Times China has been communicating with its major creditors, including banks and bondholders, on an almost daily basis, report said. Meanwhile, Times China's financial adviser has also put forward a rough plan, though initial progress has been slow.

　　Debt talks are still underway, and the both parties have yet to reach an agreement on a plan, the sources said. Key issues being discussed include how much of a discount the creditors will have to absorb, the size of the upfront cash payment and the extension of the maturity period.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-28 12:25.)

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