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BRIEF-CECEP Costin New Materials updates on financial situation and demand letter
November 29, 2016 / 1:45 PM / a year ago

BRIEF-CECEP Costin New Materials updates on financial situation and demand letter

Nov 29 (Reuters) - Cecep Costin New Materials Group Ltd

* On 28 november 2016, company received a demand letter issued by a solicitors firm acting for Icbc Asia

* Currently assessing impact and any potential default on other borrowings.

* May further trigger cross-default of other borrowings, which may have material adverse impact on financial position of costin group

* Demand letter claimed for immediate repayment of loan in outstanding principal amount of hk$150 million

* Was also informed that loan facility granted by Icbc Asia has been terminated Source text for Eikon: Further company coverage:

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