China Resources statutory demand grace period extended to March 16

By Caroline Salls

Pittsburgh, Feb. 22 – China Resources and Transportation Group Ltd. obtained an extension to March 16 of the grace period during which a bank will not file a winding-up petition in connection with a statutory demand, according to a news release.

The grace period was previously scheduled to expire on Feb. 27.

China Resources said the bank extended the grace period to allow negotiation of a repayment proposal.

The company said it is in discussions with its financial and legal advisers and is considering debt restructuring plans.

China Resources announced on Feb. 7 that it received a statutory demand from a bank under which it must pay RMB 145.62 million in principal and RMB 540,000 of interest to keep the bank from filing a winding-up petition for the company.

In addition to the bank debt, China Resources said it has HK$4,032,000,000 in outstanding bonds.

China Resources is a Wan Chai, Hong Kong, transportation investment and operation company.

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