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GRAND MING Obtains Default Waivers from Lenders
GRAND MING (01271.HK) announced that it has successfully obtained waivers from all lenders in respect of the breach. The lenders will not demand immediate repayment of the respecti...
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GRAND MING (01271.HK)  +0.010 (+0.741%)   announced that it has successfully obtained waivers from all lenders in respect of the breach. The lenders will not demand immediate repayment of the respective bank borrowings from the group, and the group will repay the loan principal and interest in accordance with the original repayment dates.

GRAND MING reaffirmed that the existing financing arrangement of the loan facilities remains available to the group, and it continues and will continue to utilize the available facilities under the loan facilities in accordance with their respective terms and conditions.

Last Tuesday (8th), GRAND MING announced that it failed to comply with those financial covenants under the bank loan facilities with the lenders. The aggregate outstanding principal amount was around HKD4.795 billion. The group has obtained waivers from certain lenders in respect of the breach, relating to bank borrowings of around HKD2.747 billion.
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