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Hidili Industry International Development Limited

IMPLEMENTATION OF THE RESTRUCTURING AND THE ONSHORE RESTRUCTURING


31 MARCH 2023


Full announcement including disclaimers and disclosures are available via HKEX


Summary

  • Hidili Industry International Development Limited has successfully implemented its offshore debt restructuring.

  • On the Restructuring Effective Date, the Company completed the issue and allotment of Scheme Shares, distribution of Cash Payment, distribution of 25% of the Original ZCB Principal Amount in cash, and issue of Zero-coupon Bonds.

  • The Company shall pay the remaining 75% of the Original ZCB Principal Amount to Participating Scheme Creditors on or before 30 April 2023 and 30 June 2023.

  • The Company has also issued New USD Senior Notes to the Creditor SPV for the benefit of SPP Participants.

  • The Bar Date for submission of documentation to receive Scheme Consideration is 30 June 2023.

  • The Final Distribution Date for distribution of Scheme Consideration to Participating Scheme Creditors is 14 July 2023.

  • The Company has also completed its Onshore Restructuring by discharging and extinguishing Conversion Interest and Outstanding Debts due from the Group to Onshore Operating Creditors.

  • The Company has issued Preferred Shares to Oriental Toprich and Onshore Operating Creditors Converted Shares to Onshore Operating Creditors to fully discharge and satisfy Conversion Interest and Outstanding Debts.

  • Outstanding Debts held by certain Onshore Operating Creditors will be settled in cash by instalments or subject to further negotiations for repayment.

 

NOTICE OF ANTICIPATED RESTRUCTURING EFFECTIVE DATE IN THE HIGH COURT OF THE HONG KONG

SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE MISCELLANEOUS PROCEEDINGS NO. 170 OF 2022


06 MARCH 2023


Full announcement available via HKEX


Terms used in this notice have the same meanings as in the scheme of arrangement (the “Scheme”) under section 673 and 674 of the Companies Ordinance (Cap 622 of Laws of Hong Kong) between Hidili Industry International Development Limited (the “Company”) and the Scheme Creditors.


The Board announces that the Restructuring Effective Date will be on 31 March 2023. Following occurrence of the Restructuring Effective Date on 31 March 2023, the Bar Date will occur at 5:00 p.m. Hong Kong time on 30 June 2023, the equivalent being 5:00 a.m. New York time on 30 June 2023.


Scheme Creditors are reminded that the Bar Date is the final deadline for submission to the Information Agent of the documentation necessary to receive Scheme Consideration under the Scheme. Any Scheme Creditor that has not already done this should refer to the Scheme Website and, in particular, the Solicitation Packet for further details.

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