Newsletter summary
Agile Group faces liquidity pressureBlackjacktableforsaleFailed to pay 2020 interest on the billBlackjacktableforsaleIt is expected that all offshore debt payment obligations will not be fulfilled. The company's total presale value has dropped sharply compared with the same period last year, and is considering a comprehensive debt management solution and hiring consultants to find a solution. Share prices have been rising since April 22nd.
Text of news flash
[Agile Group faced liquidity pressure and failed to pay 2020 interest on notes] Agile Group said in a notice on the Hong Kong Stock Exchange on May 14 that due to liquidity pressure, the company had not yet paid interest on 2020 bills. The grace period for interest payment on the note ended on May 13, 2024, and Agile said it did not expect to be able to meet its payment obligations under all its offshore obligations. [Agile Group actively deals with debt problems and seeks solutions] in order to deal with the debt problems, Agile Group plans to maintain communication with creditors to explore the best solution to safeguard the interests of all parties. At present, the company has not yet received a request from creditors for accelerated repayment of 2020 bills. [Agile Group's pre-sale volume dropped significantly, but normal operations continued] according to unaudited data, Agile Group's total pre-sale value in the first four months of 2024 is about 65%.Blackjacktableforsale0.5 billion yuan, down 68% from the same period in 2023 and 2022 respectivelyBlackjacktableforsale.0% and 73.9%. Nevertheless, Agile said it would continue to promote project delivery and maintain normal operations. [Agile Group is considering a comprehensive debt management plan, and its share price has risen recently] Agile Group is considering all possible actions, including comprehensive debt management, to improve its balance sheet. The company will hire external financial and legal advisers to assist in assessing the capital structure and liquidity and communicate with creditors to find feasible solutions. It is worth noting that Agile shares have risen significantly since April 22, closing at HK $0.7 per share as of May 13.
