POWERLONG (01238) subsidiary Baolong Viking has filed for liquidation.

POWERLONG (01238) announced that on March 7, 2025, the company was informed that its wholly-owned subsidiary POWERLONG (Virgin Islands) Holdings Limited (Powerlong Virgin) has been presented with a winding-up petition in the Eastern Caribbean Supreme Court of the Virgin Islands (Commercial Division). The winding-up petition was filed by (1) Oasis Management Company Limited on behalf of Oasis Investments II Master Fund Limited, (2) AM Asia Strategies Master Fund LP, and (3) PAG-PAsia Fund L.P. (acting through its general partner PAG-P Management Limited) (together referred to as the "Applicants"), in relation to the outstanding principal amount of USD 500 million 6.25% Senior Notes due on August 10, 2024 issued by the company and guaranteed by Powerlong Virgin (including therein) (ISIN code: XS2213954766, Common Code: 221395476), in which the Applicants claim to collectively hold approximately USD 199 million of the outstanding principal amount. The hearing for the winding-up petition is scheduled to take place on April 28, 2025. The filing of the winding-up petition does not mean that the winding-up of Powerlong Virgin has been successful, and as of the date of this announcement, no winding-up order has been issued by the Virgin Islands court to wind up Powerlong Virgin. The company does not believe that the winding-up petition will have a substantial impact on its operations at this stage. The company is actively engaging with the Applicants to seek an effective resolution in a fair manner to other creditors (including efforts to ensure the winding-up petition is withdrawn or rejected as soon as possible). The Board of Directors believes that the winding-up petition does not represent the interests of other stakeholders and may harm the value of the company and other stakeholders. Therefore, the company will seek legal measures to strongly oppose the winding-up petition and take all necessary actions to protect its legal rights. The company reiterates its determination and commitment to seek a comprehensive solution to ensure the sustainable operation of the group and safeguard the interests of all stakeholders. The company, its financial advisor AMI Finance Advisory Limited, and its legal advisor's Deheng Law Offices will work with the company's creditors to further explore all feasible solutions to resolve the current liquidity issues, with the aim of reaching an agreement with foreign creditors as soon as possible. The company looks forward to continuing to collaborate with foreign creditors and urges them to be patient, understanding, and supportive to allow the company and its advisors time to develop the most practical and optimal debt resolution solution for all stakeholders.