Grand Ming Group (HKG:1271) said its lenders agreed to not demand immediate repayment after it fell out of compliance with certain financial covenants, according to a Hong Kong bourse filing Monday.
Shares of the company jumped 31% in morning trade Tuesday.
The property developer, which owes over HK$4.80 billion, previously said it no longer met the loan facilities' requirement that it maintain a certain threshold ratio of consolidated EBITDA to consolidated interest expenses; consolidated net gearing ratio; and current ratio.
As a result, lenders could have demanded immediate repayment of the amounts lent.
Grand Ming Group said it would repay the loan principal and make interest payments according to the original schedule.
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