KWG Group Holdings: Senior notes remain suspended amid default

KWG Group Holdings Limited announced a quarterly update regarding the continued suspension of trading for its senior notes. An event of default under the terms of the notes occurred on May 14, 2023, leading to the suspension of trading on the Stock Exchange with effect from May 16, 2023. The suspension will remain in effect until further notice for the 6.3% Senior Notes due February 2026, 6.0% Senior Notes due August 2026, and 7.4% Senior Notes due January 2027.

The company has appointed advisors to work with its offshore creditors to explore a holistic solution for its offshore debts, aiming for fair treatment and a sustainable capital structure. Active negotiations are ongoing with creditors, including an ad hoc group of noteholders, to achieve this solution. KWG Group Holdings advises holders of its securities and other investors to exercise caution and seek professional advice when dealing in the company's securities, as there is no assurance that any holistic solution will be successfully implemented.