SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Deeply distressed property developer, Fantasia Holdings is said to face possible liquidation after it received a wind-up petition from Flower SPV-4 Ltd. on failing to repay an outstanding loan of $149mn on May 26. The petition was filed in the Grand Court of the Cayman Islands. In an exchange filing Fantasia said “it would oppose the petition vigorously”, and that it will apply to the Cayman Islands court for a validation order to protect the company and its shareholders’ legal rights. Further, it added that in the event that the validation order is not granted, but the winding-up order is not dismissed or permanently stayed, “all transfer of shares on or after May 26 shall be void”. In October 2021, Fantasia defaulted on its $205.656mn 7.375% bond setting the tone for defaults by larger players in the sector later on.

Fantasia’s dollar bonds were trading at 11-12 cents to a dollar.

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