Century Sunshine pre-pack scheme sanction application hearing set for July 31

By Marisa Wong

Los Angeles, July 3 – Century Sunshine Group Holdings Ltd. issued an update on Monday relating to its possible debt restructuring and pre-pack scheme sanction application.

As announced on June 28, the company filed an application to the High Court of Singapore on June 27 under Section 71 of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore for sanction of a pre-pack scheme in Singapore without the need to convene any further meeting of its scheme creditors.

A Zoom hearing for the pre-pack scheme sanction application has been scheduled for 2:30 a.m. ET on July 31 before the Honourable Justice Aedit Abdullah, according to Monday’s announcement.

Any affidavit in response to the pre-pack scheme sanction application and supporting affidavit is to be filed by 4 a.m. ET on July 10.

Any reply affidavit of the company is to be filed by 4 a.m. ET on July 17.

Any written submission and bundles of authorities are to be filed by 4 a.m. ET on July 20.

The company said that any person who has an interest in the pre-pack scheme sanction application must appoint counsel with rights of audience in Singapore to represent it at the hearing if (i) it is a corporation and (ii) it intends to contest the pre-pack scheme sanction application or to seek a contested adjournment of the pre-pack scheme sanction application.

Copies of papers filed in the pre-pack scheme sanction application will be made available upon request by e-mail to the company’s Singapore solicitors at projectcs@blackoak-llc.com.

Prior announcements

As previously reported, at the meetings of scheme creditors held on June 15 in Hong Kong, the schemes were approved by the required statutory majorities of the scheme creditors.

The scheme meetings were held for the purpose of considering and approving the scheme proposed to be made between the scheme creditors and the company and its subsidiaries, New Bright Group Ltd., Ming Xin Developments Ltd., Long Xiang Enterprises Ltd., Acronagrotrans Ltd. and Century Sunshine Ecological Technology Ltd.

The restructuring relates to the company’s S$101.75 million 7% notes due 2020 (ISIN: SG7CG8000008), which were originally issued under the company’s S$300 million multicurrency medium-term note program.

Century Sunshine is a Hong Kong-based producer of magnesium and ecological fertilizers.

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