EC World REIT Provides Update on Legal Proceedings

MT Newswires09-28 14:01

EC World REIT (SGX:BWCU) said Fuyang Futoufa received 107.3 million yuan from an investor for the sponsor group's reorganization, according to a filing with the Singapore Exchange on Friday.

The remaining loans due to Fuyang from the sponsor have been adjusted to 141.5 million yuan, including an adjustment of interest expenses and other costs of 43.8 million yuan awarded by a Chinese court and accepted by the administrator.

Following the receipt, the contingent liability of 286 million yuan, relating to unresolved mortgages and guarantees, has been adjusted to 222.5 million yuan.

Further sums may be provided depending on circumstances, including updates on the sponsor's restructuring exercise.

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