China Fishery sets March deadline to redeem Copeinca's debt
SEAFOODNEWS.COM [Bloomberg News] By David Yong - November 25, 2014 -
China Fishery Group Ltd. (CFG) plans to redeem $250 million of its Peruvian unit’s bonds by March next year as banks gave the beleaguered group more time to restructure its debt.
The Singapore-listed anchovy seller faces credit rating downgrades if a concrete plan isn’t put forth over the next three months, according to Standard & Poor’s.
Banks have extended a deadline to March 16 from Nov. 30 for China Fishery to sort out its refinancing, the ratings company said.
“We expect to see something very concrete no later than February,” Lillian Chiou, a Hong Kong-based credit analyst at S&P, said in a phone interview today. She noted the time frame was quite narrow, considering the holidays in December and January.
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