Suntrust Resort Holdings Inc. is in restructuring talks with sister firm Summit Ascent Holdings Ltd., the agency introduced on Friday, confirming studies that it had missed curiosity funds on convertible bonds.
“Solar states that, as reported in a number of articles, it won’t accrue curiosity on the December 30, 2020 shares in Summit Ascent Investments Ltd. P5.6 billion in convertible bonds issued,” the corporate mentioned in a disclosure.
“Moreover, the 2020 Convertible Notes have an preliminary time period of 5 years from issuance and is renewable for an extra five-year time period.” Solar famous that accrued curiosity is due, which was mirrored within the firm’s quarterly monetary statements Sept. 30, 2022 amounted to P295.50 million.
“Previous to the curiosity fee due date, Solar and Summit Ascent additionally critically mentioned the phrases of the 2020 convertible bond refinancing and restructuring,” Solar mentioned.
“Though no definitive settlement has been reached up to now, Solar believes an settlement on the phrases ought to be reached quickly.” Solar and Summit Ascent are each owned by Hong Kong-listed LET Group Holdings Ltd.
In line with Summit Ascent, coupon curiosity on the Notes was P336 million, or roughly $6.1 million at present change charges for the fiscal yr ended December 31, 2022,” Summit Ascent famous.