Hong Kong’s REXLot’s repayment completion deadline extended to May 31

By Caroline Salls

Pittsburgh, April 30 – REXLot Holdings Ltd. and a major shareholder and his associates have agreed to extend the completion deadline for step A of a debt repayment to May 31, according to a news release.

REXLot said it entered into a definitive agreement with shareholder “VC” and associates Keen Start and Kingly Profits for the repayment of the company’s remaining debt in November.

Step A of the agreement, which would involve partially redeeming REXLot’s 2017 and 2019 bonds and partially repaying a shareholder loan, was originally scheduled to be completed by April 30.

However, the company said its bank has requested that REXLot and VC provide an undertaking and indemnity to the bank, which will indemnify the bank against all losses it may suffer arising out of its compliance with instructions received.

The parties are negotiating the terms of the requested undertaking and indemnity, resulting in the completion deadline extension.

At the request of REXLot, the trading in its shares was suspended on April 1 and will remain suspended until further notice.

Based in Hong Kong, REXLot provides machines and services to the Chinese lottery market.

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