Copeinca bondholders keeping the pressure on China Fishery Group over bond redemption
SEAFOODNEWS.COM [Bloomberg] By By David Yong and Christine Jenkins - September 16, 2014 -
Corporacion Pesquera Inca SAC bondholders are calling upon China Fishery Group Ltd. (CFG) to redeem its bonds as it pushes ahead with what some say is a futile attempt to relax the notes’ terms and conditions.
Singapore-listed China Fishery is this week trying for a third time to get noteholders of its Lima-based unit known as Copeinca to agree to a deal whereby the business in Peru would guarantee as much as $1.2 billion of debt at the parent level. The new deadline is 5 p.m. New York time on Sept. 18 after two earlier ones -- on July 30 and Aug. 21 -- passed without bondholders granting the majority approval required.
A Swiss banker said, “The bond prices are driven more now by the deteriorating environment in which China Fishery is operating, Copeinca generates the biggest part of group earnings, so for it to share more of the debt burden is absolutely unfavorable to bondholders.”
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