R&F PROPERTIES: Appoints Chan Leung Lee and Yuen Tsz Chun as the guarantors' agents to establish the guaranteed assets for the financing agreement as joint and several custodians
R&F PROPERTIES announced that Chan Leung Lee and Yuen Tsz Chun have been appointed as the guarantors for the financing agreement to establish guaranteed assets. This appointment involves the equity and assets of Mega Wisdom, R&F Hong Kong, and Royal Elite Limited. The company is studying solutions to safeguard the interests of stakeholders and is communicating with overseas creditors on restructuring proposals
According to the news from Zhitong Finance and Economics APP, R&F PROPERTIES (02777) announced that on September 3, 2024, Zhao Xi, R&F Hong Kong, and Yuyi Limited (Yuyi) each received a notice from Serica Agency Limited as the guarantor agent, including the appointment of Chan Leung Lee and Yuen Tsz Chun from Frank Forensic and Corporate Recovery Limited (located at Room 703, Capital Centre, 151 Gloucester Road, Hong Kong) as joint and several receivers to establish guarantees for the assets under the financing agreement (including but not limited to the Yuyi shares held by R&F Hong Kong, the Zhao Xi shares held by Yuyi, and the assets of Zhao Xi).
As of the date of this announcement, Zhao Xi holds all the shares of a wholly-owned subsidiary of the company, which indirectly holds 68 hotels and an office building in the People's Republic of China. Zhao Xi is a wholly-owned subsidiary of Yuyi, and Yuyi is a wholly-owned subsidiary of R&F Hong Kong.
The company is working with advisors to explore comprehensive and feasible solutions to safeguard the interests of all stakeholders and ensure the long-term development of the group. The company will actively communicate and cooperate with overseas creditors on restructuring proposals
