It failed to fulfill certain obligations.
The Hongkong and Shanghai Banking Corporation is accusing Singapore-listed Pacific Andes of breaching certain obligations of its $200m notes due 2017.
In a regulatory filing, Pacific Andes said that it has received a letter from HSBC, the bond’s trustee.
Pacific Andes said that it is currently seeking legal advice in relation to the letter. The company is also “ in an active dialogue with a substantial holder of the Bonds” to establish transparency, the company said.
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