EdisonEV Faces Non-Payment of Principal and Interest on 7.2 Billion KRW Convertible Bonds
[Asia Economy Reporter Lee Jung-yoon] EdisonEV announced on the 13th that there has been a non-payment of principal and interest on bonds amounting to 7,198,760,000 KRW.
This corresponds to 11.50% of the company's equity capital.
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The company stated, "Due to the occurrence of an early redemption request caused by the loss of benefit of term by the issuing company according to the subscription agreements for the 1st tranche convertible bonds (CB) and bonds with warrants (BW), a non-payment situation arose due to insufficient funds to fulfill the debt obligations," adding, "We plan to negotiate with the creditors and respond through legal procedures with litigation representatives."
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