Wanda Hotel Development (HKG:0169) said its subsidiary intends to enforce a mortgage on a Chicago property to recover the defaulted deferred amount on a payment of approximately $293 million for subordinated notes, according to its Thursday filing.
An enforcement agreement was signed on Dec. 30, 2024, allowing the seller, Wanda Chicago Real Estate, a non-wholly owned subsidiary of the company, to take possession of selected condominium units without interference, in exchange for not suing the deferred amount borrower or guarantor, except under certain conditions.
An impairment loss of US$126 million related to this default was recognized in the company's interim report.
Despite this, the board assures shareholders that the group's revenue-generating operations remain robust and are expected to continue providing stable revenue.
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