China Energy to roll out revised debt restructuring plan by June 30

By Marisa Wong

Los Angeles, April 21 – China Energy Reserve and Chemicals Group International Co. Ltd. said it expects to present a further revised restructuring proposal on or before June 30.

The company “remains committed to try and effect a consensual restructuring of its debt, and will update bondholders on the next steps of the restructuring in a further notice,” according to a company announcement issued on Wednesday to holders of its $400 million 6 1/8% bonds due 2019 (ISIN: XS132831572).

The bonds were issued by China Energy Reserve and Chemicals Group International with the benefit of a keepwell deed provided by China Energy Reserve and Chemicals Group Co. Ltd.

The issuer confirmed that all interest and principal payments on the outstanding bonds continue to be suspended until further notice.

The issuer also gave updates on some legal proceedings relating to the outstanding bonds. The latest hearing has been adjourned to June 3.

The energy development company is based in Beijing.

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