China’s Green Dragon fails to repay bonds, gets ‘technical’ extension

By Caroline Salls

Pittsburgh, Nov. 20 – Green Dragon Gas Ltd. did not repay its 10% senior secured callable bond issue 2014/2017 on the Nov. 20 maturity date, according to a notice released by bond trustee Nordic Trustee AS.

The trustee said the company confirmed that it is in talks with bondholders regarding a restructuring process, so Nordic Trustee has ordered a technical extension of the maturity date.

“This is an adjustment of purely technical reasons and will have no impact on the rights of bondholders,” the notice said.

The bond trustee said it is awaiting a restructuring proposal from Green Dragon, but it will “proceed with further actions” if no proposal is made or no agreement is reached.

Hong Kong-based Green Dragon Gas produces and sells coalbed methane gas in China.

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