On December 8, according to capital market news, Fantasia Investments had applied for a receiver by creditors as early as mid-October, and the three co-receivers came from an institution called Kroll, namely Cosimo Borrelli, Xu Liwen and Kent McParland.
It is reported that the appointment of directors involves a share mortgage and internal loan of Fantasia, and according to the appeal, Kroll, as the receiver, can exercise various shareholder rights, such as the right to asset income and the right to dispose of it. Down to fantasia's common stock held by a company called Anchuang Group Limited.
According to the Hong Kong Search Centre, as early as November 2, the appointee documents were submitted for filing, and on November 25, Fantasia announced that the main subsidiary, Fantasia Investments Hong Kong, had been applied for a winding-up petition, mainly involving an outstanding principal loan financing of US$149 million guaranteed by the latter.
As of now, fantasia's investment status is still "takeover". Fantasia said that the liquidation needs to be ruled by the court, and the company will defend it in accordance with laws and regulations and strive to communicate.
Viewpoint Real Estate New Media learned that Fantasia continued to face debt maturity pressures in the last month of 2021, including the "18 Fantasia", which has held three bondholder meetings, with a balance of 949 million yuan due on December 17, and two DOLLAR bonds with a balance of $291.4 million and $249 million, respectively.
Among fantasia debts, overseas debt accounts for a large proportion. From 2017 to 2020, the proportion of overseas bonds in Fantasia was 43.8%, 41.8%, 47.9% and 61.7% respectively; the proportion of overseas bonds in the first half of this year fell to 53.5%. At the current exchange rate, Fantasia will have more than 4 billion yuan of mature debt in December.
This article originated from the viewpoint real estate network