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UPDATE 5: Trustee of Tsinghua Unigroup Guaranteed USD Bonds Says It Has Received CNY 24.5M Interest Payment of Retained Debt Portion

UPDATE 5: 3:50 a.m. ET 1/25/2024: Citicorp International, trustee for Tsinghua Unigroup’s $200 million 6.5% guaranteed bonds due 2028 issued by Tsinghua Unic Ltd., sent a notice to bondholders stating that on Jan. 15, the trustee had received CNY 24.5 million ($3.5 million) net amount of the eighth interest payment in respect of the retained debt portion of the trustee’s claim under the company’s restructuring plan, according to a copy of the notice dated Jan. 23 seen by Reorg. The funds received are after deductions for applicable PRC taxes, including PRC withholding taxes, according to the notice. The total funds to be distributed to bondholders will be $3.4 million, the notice states. The trustee informed bondholders that, as per previous notices, funds received by the trustee in CNY pursuant to recovery under the restructuring plan will be exchanged into USD prior to application of such funds. The trustee said in the notice that it will shortly distribute the net total distribution amount to bondholders. Of this distribution, $2.8 million will be applied towards payment of principal (as of Jan. 15, 2023) and $622,952 will be applied towards interest owing in respect of the bonds (as of Jan. 15, 2023), according to[...]