HONG KONG (Reuters) – CWT International Ltd, a unit of indebted HNA Group Co Ltd, on Tuesday said it defaulted on a HK$1.4 billion ($179 million) loan, and that it has less than 24 hours to pay funds due or lose assets pledged as collateral.
CWT, in a filing to the Hong Kong stock exchange, said it has not paid accrued interest and fees worth HK$63 million to lenders, who will take possession of the assets if the amount due is not paid by 9 AM (0100 GMT) on Wednesday.
Assets - CWT - Pte - Ltd - Firm
Among assets pledged is wholly owned CWT Pte Ltd, a holding firm for HNA’s commodity marketing, engineering, finance and logistics services. Other assets pledged include properties in Britain and the United States and golf courses in China.
One property, 17 Columbus Courtyard in London’s Canary Wharf development – with tenants including Credit Suisse Group AG – was bought in July 2016 for 131 million pounds ($172 million). In 2018, it was on sale with a value...
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