General Announcement::Court Acceptance of Restructuring Application

Issuer & Securities

Issuer/ Manager
TEWOO GROUP FINANCE NO 3 LIMITED
Securities
TEWOO GP US$200M5.5%B220406 - XS1592506957 - 6R3B
TEWOO GP US$300M4.625%B200406 - XS1587894343 - 6R2B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-Aug-2020 07:58:34
Status
New
Announcement Sub Title
Court Acceptance of Restructuring Application
Announcement Reference
SG200803OTHRORMD
Submitted By (Co./ Ind. Name)
Xiangqing Chu
Designation
Director
Description (Please provide a detailed description of the event in the box below)
Tewoo Group Co., Ltd. ("Tewoo") as the guarantor of the Bonds and the Perpetual Securities and the keepwell provider of the 2020 Credit Enhanced Bonds would like to notify holders of the Existing Bonds that on 31 July 2020, Tewoo was served notice from Tianjin People's High Court (the "Court") and was notified that the notice was served in response to an application to the Court made by a certain onshore creditor of Tewoo (the "Applicant") for the initiation of reorganisation procedure against Tewoo (the "Petition"). The Petition was made based on the Applicant's claim that Tewoo lacks the capability of paying its outstanding indebtedness.

On 31 July 2020, Tewoo received the civil order ((2020) Jin Po Shen No. 1)(2020 1) (the "Civil Order"), issued by the Court on 31 July 2020, informing Tewoo that the Court accepted the Petition.

According to the Civil Order, the Court ruled that the Petition was made in compliance with applicable laws. Pursuant to Articles 2, 70(1) and 71 of Enterprise Bankruptcy Law of the People's Republic of China, the Court ruled that it accepted the Petition and the ruling was effective immediately.

The Issuers and Tewoo will keep holders of the Existing Bonds updated by way of further announcement(s) as and when appropriate. Holders of the Existing Bonds are advised to exercise caution when dealing in the securities of the Issuers and Tewoo.

Attachments

SGXST announcement on Court Acceptance of Restructuring Application_English.pdf
Total size =103K