New World Asks Banks to Refinance $11 Billion Loans by June
New World Development Co. has asked banks to refinance HK$87.5 billion ($11.2 billion) of its loans by the end of June, according to people familiar with the matter, as the cash-strapped builder seeks to quickly shore up its liquidity.
The urgency stems in part from the expiration next month of a covenant waiver on New World's existing loans, two of the people said, asking not to be identified discussing private matters. If the waiver expires before a refinancing deal, some banks could demand immediate repayment, though that scenario is unlikely, the people added.
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