Hsin Chong defaults on $150m bonds

Hong Kong-listed construction company Hsin Chong Group Holdings has defaulted on both of its US dollar bonds totalling $450 million.
Hsin Chong has been involved in many building and infrastructure projects in Hong Kong.
Hsin Chong has been involved in many building and infrastructure projects in Hong Kong.

Leading Hong Kong-listed construction company Hsin Chong Group Holdings has now defaulted on its two US dollar bonds totalling $450 million.

Hsin Chong was due to redeem its $150 million 8.5% senior notes on January 22, but it has not paid the amount outstanding. “The company recently met with certain holders of the notes and their advisors to discuss a potential consensual restructuring of the notes. The company anticipates continuing this dialogue,” it said.

Hsin Chong's creditor and shareholder, VMS Investment Group, has filed a petition to wind up the company. It will be heard by the Bermuda Supreme Court on February 15. Elsewhere,...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222