No loss to issuers puts note trustees in the spotlight.
The Hong Kong Court of Final Appeal (CFA) has overturned the Court of Appeal’s order that Peking University Founder Group Company Limited (PUFG), as the keepwell provider, breached the terms of the keepwell deeds and was liable to three of its offshore subsidiaries that were the issuers and a guarantor of the keepwell bonds (together, the Issuers), for the total outstanding amounts of those bonds.
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