SCCCF - Sunac China misses interest payment within grace period hires advisers

Sunac China Holdings (OTC:SCCCF) (OTCPK:SNCHY), a Chinese real estate developer, said Thursday it hasn't made interest payments of $29.5M on October 2023 notes by the time the 30-day grace period expired. The coupon payment was originally due April 11. The company also hasn't paid $75.3M of interest due on other notes. So far, Sunac (OTC:SCCCF) hasn't received any acceleration of payment demands from holders of $741.6M of notes.  It doesn't expect to make payments on those notes and others within their relevant grace periods. Sunac (OTC:SCCCF), meanwhile, is working to reach an agreement with the noteholders and has hired Houlihan Lokey (NYSE:HLI) as its financial adviser and Sidley Austin as legal adviser in assessing its capital structure. "The Group's contracted sales have continued to decline significantly, while access to new financing has become increasingly difficult with more liquidity issues occurring among certain property developers, the company said in a regulatory filing.

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Sunac China misses interest payment within grace period, hires advisers