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NWD Eyeing Refinancing Agreement with 50+ Banks by End-Jun; Bank CEOs Keeping Close Tab on Progress: Wire
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NEW WORLD DEV (00017.HK) is endeavoring to clinch the largest corporate refinancing agreement in Hong Kong's history with over 50 banks by the end of June, Bloomberg cited sources. Prior to this, the company had extended the original May deadline. At least 12 banks have so far purportedly agreed to the terms, while negotiations with the remaining banks are underway. If negotiations fail, creditors may demand immediate repayment, report told. The resulting chain reaction could threaten both NWD and numerous banks, which are already under pressure given a spike in non-performing loans from commercial real estate. The situation is so severe that chief risk officers from multiple banks stepped in, and even bank chief executive officers are keeping a close tab on the progress through frequent updates, people familiar with the matter revealed. NWD plans to raise HKD87.5 billion (approximately USD11.2 billion) in refinancing. It had already secured financing commitments of over HKD20 billion from financial institutions such as Bank of China, HSBC, Standard Chartered, Bank of East Asia, Fubon Bank (Hong Kong), and Hang Seng Bank. AASTOCKS Financial News Website: www.aastocks.com |
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