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BRIEF-China Huishan Dairy updates on facility agreement with HSBC
September 11, 2017 / 3:22 PM / 2 months ago

BRIEF-China Huishan Dairy updates on facility agreement with HSBC

Sept 11 (Reuters) - China Huishan Dairy Holdings Company Ltd

* Received two letters from HSBC stating that as one or more events of default under facility agreement have occurred

* HSBC terminated such facility and demanded immediate repayment in aggregate amount of US$13.7 million

* Continues to be in dialogue with its major bank creditors in PRC about its debt restructuring

* HSBC declared all loans & all other amounts outstanding under facility agreement to be immediately due and payable

* Refers to announcement dated 10 April 2017 about co receiving letter from HSBC as agent for loan facility agreement of $200 million

* Is taking legal advice in connection with the termination of agreement by HSBC

* Latest deadline imposed by HSBC for payment is within 3 days from 11 Sept Source text for Eikon: Further company coverage:

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