In Dec 2017, Chinese conglomerate HNA Group acquired all shares of CWT Ltd to successfully acquire CWT for S$1.399 bil. Since they were acquired, CWT has been combined with other assets and listed as CWT International and subsequently listed in HK.

Yesterday, CWT International said it defaulted on a S$179mil loan and it has less than 24 hours to pay the funds or lose assets pledged as collateral. They have not paid accrued interest and fees worth HK$63 mil to lenders. The lenders will take possession of the assets if the amount due is not paid by 9 AM on Wednesday.

The assets that are pledged under the loan facility includes CWT International’s 100% stake in Singapore based CWT Pte Ltd.

Aside from this, CWT have 2 bonds outstanding. One of the bond matures in 18 April 2019 (like today!):