Chinlink Intl (00997.HK) announced on November 8 that on October 29, 2024, the board of directors received two sets of summonses accompanied by statements of claim from two bond holders (referred to collectively as the plaintiffs) regarding the 6.5% coupon bonds issued by the company on August 7, 2019, and subsequently amended on August 6, 2020, August 23, 2021, and August 12, 2022, in the High Court of Hong Kong against the company (as the defendant) and others.
According to the statement of claim, Plaintiff A claims that as of October 28, 2024, the company owes Plaintiff A a total outstanding principal amount of HK $8,500,000.00 under the bond instrument and interest on unpaid principal from August 6, 2023, to the date of repayment.
According to the statement of claim, Plaintiff B claims that as of October 28, 2024, the company owes Plaintiff B a total outstanding principal amount of HK $10,000,000.00 under the bond instrument and interest on unpaid principal from August 6, 2023, to the date of repayment.
The plaintiffs have made claims against the company, including (i) the aforementioned principal amounts; (ii) interest on unpaid principal from August 6, 2023, to the date of repayment; (iii) further and/or other remedial measures; and (iv) litigation costs. As of the date of this announcement, the plaintiffs and the company are actively negotiating repayment arrangements for the outstanding principal and accrued interest under the bond instrument.