CHINA SCE GROUP (01966) Anticipates Failure to Repay Principal and Accrued Interest of February 2026 Notes at Maturity

Stock News

Feb 03

CHINA SCE GROUP (01966) has issued an announcement stating that an event of default has occurred under the terms of its February 2026 notes, leading to the suspension of trading for these notes effective 9:00 a.m. on October 5, 2023. As of the date of this announcement, the outstanding principal amount of the February 2026 notes is US$350 million. As detailed in previous announcements, the Group, together with its advisors, is actively pursuing a holistic solution in the interests of all stakeholders to ensure the Group's sustainable operations. Given the Group's current liquidity constraints and the ongoing communications with its offshore creditors regarding the overall solution, the Company anticipates that it will be unable to repay the principal and accrued unpaid interest of the aforementioned February 2026 notes upon their maturity, and the obligations will not be settled. With the February 2026 notes scheduled to mature on February 4, 2026, they will be delisted from the Stock Exchange following their maturity date.

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