Mar 08, 2024 05:16 AM

BUSINESS

Chinese Education Giant XJ International May Face Liquidation as Bondholders Demand Repayment

By Huang Huizhao and Denise Jia

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Wang Huiwu (middle), president of XJ International, attends a press conference in Hong Kong on July 23, 2018.

Wang Huiwu (middle), president of XJ International, attends a press conference in Hong Kong on July 23, 2018.

Chinese private education giant XJ International Holdings Co. Ltd. said it has received a statutory demand from bondholders to repay more than $3 millions of bonds within three weeks. If it doesn’t, the creditors will seek liquidation of the company’s assets.

XJ International received the demand to repay $3.25 millions of principal and interest of the convertible bonds from legal representative of the bondholders on Tuesday, the company said in a statement Wednesday.

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