Summi Holdings (00756) Fails to Complete Debt Restructuring Involving Approximately $1.73 Million Principal; Petition Hearing Adjourned to May 4

Stock News
Feb 02

Summi Holdings (00756) has announced that the company has entered into a master loan restructuring agreement with five of the petitioning banks (the restructuring lenders). Under the restructuring agreement and related arrangements, the total outstanding principal amount involved with the restructuring lenders is approximately $10.86 million (equivalent to approximately HK$84.7 million). The company has properly handled and arranged for the repayment of the aforementioned debt using funds obtained from bond financing and loans from a controlling shareholder. As of the date of this announcement, only one petitioning bank, Hua Nan Commercial Bank, Ltd. (the remaining lender), involving a principal amount of approximately $1.73 million (equivalent to approximately HK$13.5 million), has not completed the debt restructuring. Given that the company has successfully reached restructuring agreements with the vast majority of the petitioners and resolved the related debts, the board of directors believes that the company's current debt crisis has been resolved, and its financial condition and liquidity pressure have been significantly alleviated. The company is currently actively negotiating with the remaining lender and is making progress toward a consensus. As the restructuring lenders require time to complete the administrative procedures for withdrawing their support of the petition, and the remaining lender needs to take over the petition process and apply to the court to amend the petition content, and following agreement by all parties, the company, through its legal representative, received a court order dated January 29, 2026, after trading hours on January 30, 2026. The order approved the adjournment of the petition hearing, originally scheduled for February 2, 2026, to 9:30 a.m. on May 4, 2026.

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