, on June 13 entered into a new supplemental agreement with borrower Jiangsu Donglai Real Estate Development and lender Yixing Futao Credit, the chemical products manufacturer said on Thursday.
The new supplemental agreement states that Jiangsu Donglai is the primary debtor and shall liquidate its assets or take steps to repay the loan and interest payable to Yixing Futao Credit by June 30, 2020, which is the extended repayment date. In addition, lender Yixing Futao Credit will not start any legal proceedings against Jiangsu Donglai and Yixing Yinyan before the extended repayment date.
Jiangsu Donglai, which is unrelated to Sunvic, had failed to pay back the loan when it was due on Oct 15, 2018.Lawyers acting on behalf of Yixing Futao Credit had sent a letter of demand on Nov 14, 2018, seeking payment of 183.7 million yuan, which includes the loan amount and subsequent accrued interest.
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