SINO-OCEAN GP Says Entering Advanced Stage Negotiations w/ Syndicate Loan Lenders, Strongly Opposes Winding-up Petition

　　SINO-OCEAN GP (03377.HK) -0.035 (-9.333%) announced that significant progress has been made in formulating a holistic solution to its current offshore liquidity situation. The company is now at an advanced stage of discussion with the coordination committee of lenders of the existing syndicated loans of the group and expects that an agreement on the principal terms of the holistic debt management arrangement will be reached in due course.

　　However, SINO-OCEAN GP also announced that it received a winding-up petition filed by The Bank of New York Mellon, London Branch at the High Court of Hong Kong in relation to the non-repayment of the 3.25% guaranteed notes due 2026 issued by Sino-Ocean Land Treasure IV Limited (a wholly-owned subsidiary of the company) and guaranteed by the company in the aggregate principal amount of US$400 million and accrued interests.

　　No winding-up order has been granted by the High Court to wind up SINO-OCEAN GP as of the date of this announcement. The company does not believe that the Petition will have a meaningful impact on the companys operations or the formulation of a holistic debt management arrangement at this stage.

　　SINO-OCEAN GP said it will seek legal measures to resolutely oppose the petition, and take all necessary actions to protect its legal rights. The company also believed that it would be in the interest of all creditors concerned to engage in the holistic debt management arrangement.

　　(HK stocks quote is delayed for at least 15 mins.)