SINGAPORE - CW Advanced Technologies will meet holders of its 7 per cent notes due 2018 in a series of informal sessions to discuss the implications of its recent default, the privately held subsidiary of Hong Kong-listed engineering company CW Group said on Thursday (June 28).
The first of the meetings, which will be facilitated and moderated by the Securities Investors Association (Singapore), will take place on July 16.
The notes, of which there is an outstanding $75 million in principal amount, were due to be redeemed on June 25, but CW Advanced Technologies failed to do so. The issuer also failed to pay interest on the notes on June 25, and does not expect that it will be able to do so by June 28, which is the last day of a grace period. Failure to do so constitutes an additional event of default under the notes.
The agenda of the first informal meeting will be to provide the noteholders with an overview of the group's business and financial position as well as a status update on the group's financing exercises, and to engage in a discussion regarding the implications of the default, the borrower said.
The meeting will solely be for the dissemination of information, and no decision or voting will be made at the meeting. It is also private and confidential and will be held on an entirely without prejudice basis, CW Advanced Technologies said.