Summi (Group) (HKG:0756) said a winding-up petition hearing against the company was pushed to May 4 after the juice maker reached a loan restructuring agreement with lenders, according to a Hong Kong bourse filing Monday.

The company was slapped with a winding-up petition in January last year related to the overdue payment of a $12.6 million principal amount along with accrued interest of a master facility deed dated Oct. 23, 2020.

The petition was filed by Taishin International Bank, Hwatai Commercial Bank, Cathay United Bank, Hua Nan Commercial Bank, Banco Well Link, and United Overseas Bank.

Under the restructuring deed, the principal amount was reduced to $10.9 million which the company plans to fund through bond financing and loan from its controlling shareholder.

The company said of all the lenders, Hua Nan Commercial Bank was the only firm yet to complete the debt restructuring for a principal amount of around $1.7 million. However, because Summi had reached an agreement with the vast majority of the petitioners, the company considers its debt crisis to have been relieved.