| Home : May 2012 : May 29, 2012 News : Mountain China Signs Debt Settlement Agreement with Melco |
Mountain China Signs Debt Settlement Agreement with Melco |
May 29, 2012
BEIJING, CHINA--(Marketwire - May 29, 2012) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"), announces that it has completed its negotiation for debt settlement with Melco Leisure and Entertainment Group Limited ("Melco"). In November of 2008, Melco loaned US$12,000,000 (the "MCR Loan") to the Company and US$11,000,000 (the "MCRI Loan") to the Company's Cayman subsidiary, Mountain China Resorts Investment Limited ("MCRI"), for an aggregate amount of US$23,000,000 (the "the Total Principal Amount"). As of May 29, 2012, the Total Principal Amount remained outstanding.
http://www.marketwire.com/mw/release.do?id=1662813&sourceType=3
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