China's Li Ning to issue $241 mln convertible securities

HONG KONG Thu Jan 24, 2013 6:42pm EST

HONG KONG Jan 25 (Reuters) - Struggling Chinese sportswear brand Li Ning Co Ltd said on Friday it planned to issue convertible securitites worth up to HK$1.87 billion ($241 million), seeking capital for its restructuring plan.

Li Ning also said in its filing that investors Singapore sovereign fund GIC, U.S. private equity fund TPG Capital and Viva China Holdings Ltd had given their "irrevocable undertakings" to the company.

Trading in Li Ning shares will resume on Friday.

For a full statement here ($1 = 7.7532 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Edwina Gibbs)

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