Logistics

CWT International’s default threatens survival

CWT International's default on $270 million loans means that its assets could be seized by creditors as early as Wednesday morning.
CWT International has port logistics business in Singapore
CWT International has port logistics business in Singapore

CWT International and its subsidiary’s default on over $270 million of debt throws into doubt the Hong Kong-listed firm’s ability to survive. These defaults add to a litany of debt woes for parent company, HNA Group.

On Tuesday, CWT International announced that it failed to pay interest and fees for a HK$1.4 billion $179 million loan. This default has triggered a cross default of a HK$766 million loan extended by an unnamed lender to CWT International’s wholly owned logistics, commodity marketing, engineering and financial services subsidiary CWT.

The lenders have issued demands for the repayment of the HK$1.4 billion loan plus interest,...

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