DHC Capital advises the informal steering committee of Noteholders on the Century Sunshine Group (HKEX: 509) scheme of arrangement; scheme creditors vote in favour of scheme
DHC Capital advised the informal steering committee of Noteholders in the restructuring of S$101.75 million 7% Notes due July 2020 issued by Century Sunshine Group Holdings Ltd (In provisional liquidation) (For restructuring purposes only) (HKEX: 509) (“CSG”). The scheme meetings were held on 15 June 2023 for the six scheme entities, at which the schemes were approved by the requisite statutory majorities of scheme creditors. The scheme terms offer an excellent outcome for the retail led Noteholders from an offshore China creditor return perspective.
CSG will now proceed to submit the results of the scheme meetings to the Hong Kong Court and will apply to the Hong Kong Court for sanctioning of the schemes. In addition, an application will be made by CSG in Singapore to sanction the pre-pack scheme in Singapore, without the need to convene any further meetings of the scheme creditors.
Read on for CSG’s announcement on the results of the scheme meetings.
About Century Sunshine Group Holdings Ltd
Century Sunshine Group Holdings Ltd (HKEX: 509) is listed on the Hong Kong Stock Exchange and is involved in 2 main business segments: magnesium products and fertilisers focusing on the Chinese market.
On 14 July 2020, an order was granted by the Grand Court of the Cayman Islands for the appointment of “light touch” joint provisional liquidators of CSG for restructuring purposes.
In a “light touch” provisional liquidation, the Board of Directors retain management of CSG while the joint provisional liquidators work alongside CSG’s management to monitor, supervise and oversee the implementation of a group wide restructuring.
The magnesium business is operated by Rare Earth Magnesium Technology Group Holdings Ltd (HKEX: 601), a separate Hong Kong Stock Exchange listed company.