Summary by Futu AI
Xuhui Holdings (Group) Limited (“Xuhui Holdings”) issued a notice on 27 May 2024 updating the latest progress of its comprehensive solution to its overseas liquidity situation. The plan is aimed at solving the company's foreign debt problem and has been agreed with the Coordinating Committee, which is made up of lending banks that hold approximately 59% of the company's foreign loan financing capital. THE COMPANY IS WORKING WITH THE COORDINATING COMMITTEE, THE BONDHOLDERS GROUP AND ITS ADVISORS TO AGREE LEGALLY BINDING AGREEMENTS. In addition, the company is considering the introduction of RMB denominated lending options and incorporating the Mainland's “property whitelisting” mechanism to reduce future financial costs. Currently, no creditors have initiated legal proceedings against the company. The Company will continue to engage in dialogue with creditors and provide progress updates to stakeholders in due course. The Company stresses that there is uncertainty regarding the successful implementation of any solution, so security holders and investors should consider the risks involved and act with caution.