Jiayuan International Group Creditor Backs Out of HK$100 Million Loan Facility Deal

MT Newswires Live07-09

Jiayuan International Group's (HKG:2768) term sheet for a HK$100 million loan lapsed on Saturday after an investor did not proceed with the signing of the facility agreement, according to a Tuesday filing with the Hong Kong Stock Exchange.

Proceeds from the loan, first announced in March, would have been used for Jiayuan's restructuring.

The unnamed investor cited insufficient creditor support and rising challenges in creditor management and government relations and resources, the filing said.

Jiayuan said it is seeking other creditors for a restructuring despite difficulties, and said it might encounter problems with fulfilling guidance for the resumption of trading, the filing said.

Trading in the company's shares has been suspended since April 3.

Price (HKD): $0.17, Change: $-0.01, Percent Change: -2.81%

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