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Modern Land says it did not repay principal, interest on maturing bond

SHANGHAI : Developer Modern Land (China) Co Ltd said on Tuesday that it had not repaid principal and interest on a bond that matured Oct. 25 due to "unexpected liquidity issues".

In a filing to the Singapore Exchange, Modern Land said that it was assessing the financial condition and cash position of the group, and expects to engage independent financial advisors soon for an overall plan.

Trading of the company's shares and debt securities will remain halted until further notice, it said. The company last week ended an attempt to seek bondholder approval to extend the maturity of its 12.85per cent senior notes due 2021.

(Reporting by Andrew Galbraith; Editing by Christopher Cushing)

Source: Reuters

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