Pearl Holding skips October payment on 9% secured notes

By Mary-Katherine Stinson

Lexington, Ky., Oct. 25 – Pearl Holding III Ltd. (Pearl Engineered Solutions) failed to pay the October coupon on the Oct. 22 due date for its $66.5 million 9% senior secured notes due 2025, according to a company statement.

There is a 30-day grace period before the non-payment will cause a default.

The company stated it is engaged in confidential discussions with an ad hoc group of noteholders holding more than 51% of the outstanding principal and their financial and legal advisers to explore plans for resolving the group’s liquidity issues.

Madison Pacific Trust Ltd. is the notes’ trustee.

Pearl is an exempted company registered in the Cayman Islands and is a unit of Pearl Engineered Solutions, based in Hong Kong and Singapore. The company through its subsidiaries manufactures plastic products.

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