UP Energy Development Group Limited, through its subsidiaries, owns certain mining assets and have different mining investments in China.
Up Energy Development Group, a Hong Kong-listed producer of coking coal used in steel smelting, has defaulted on convertible bonds. The company failed to repay HK$3.17 billion worth of convertible notes with in the grace period given. That gives holders of other debt totaling HK$3.46 billion, including HK$2.53 billion of convertible notes due in 2018 to its controlling shareholders, the right to demand immediate repayment under a cross-default clause.
Up Energy, which posted a net loss of HK$361.4 million on revenue of HK$82.9 million for 2015 first-half due to ballooning finance costs and plunging sales, is discussing with its creditors to restructure its debt or reach a standstill agreement with the creditors not to take enforcement action.
Eric NG (SouthChinaMorningPost): Coal producer Up Energy defaults on convertible bonds as coking coal prices tumble, 19 Feb 2016
Up Energy Development: Annual Report, 17 Dec 1998